Bayern Munich paid €3.5m to AIK for Kusi-Asare in early 2024. Fulham paid €4m as a loan fee for the 2025/26 season and have now agreed a permanent deal understood to be worth around €6m, with Bayern securing a buyback clause as part of the arrangement.
Max Eberl, Bayern's board member for sport, paid tribute to the striker while acknowledging the move made sense for his development.
"Jonah joined Bayern at the age of 16 and is a further example of how we develop international talent at the highest level," Eberl said.
"He was able to impress the people at Fulham last season, so he will now be setting his sights on his next goals there. We wish him all the best for the future."
Kusi-Asare progressed through Bayern's Under-19s and reserves before making two competitive appearances for the first team, also being part of squads that won two Bundesliga titles and the Franz Beckenbauer Supercup. He turned down interest from other Premier League clubs to remain at Fulham, where the club's management are convinced by his long-term potential.
He joins on a five-year contract with an option to extend by a further year.
The permanent deal represents a significant turnaround from earlier in the window, when Fulham's initial bid of €3m was rejected by Bayern as insufficient. The clubs eventually found common ground at around €6m, with the buyback clause giving Bayern a route back to the player should his development at Craven Cottage continue on its current trajectory.
For Kusi-Asare, the move gives him the stability of a long-term contract at a Premier League club committed to his development, rather than another loan arrangement. Fulham's willingness to persist through negotiations and turn down the opportunity to trigger a higher option fee in favour of a renegotiated deal demonstrates genuine belief in what the striker can become.