The Portugal midfielder saw a summer deadline day move to Bayern Munich collapse before he signed a new contract.
Khan is keen for Palhinha to stay, but is not ruling out a sale this summer.
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"He is a fantastic player here at Fulham, we love having him and I want Joo to stay with us as long as possible. There is great demand for Palhinha. He was a big signing for us," he told talkSPORT.
"I want him as part of the team for as long as possible and we were very happy to have extended his contract, but if there is an offer that would make sense for everyone I think that is something we have to consider with all the players."