The 16-year-old attracted interest from the likes of Manchester United, Liverpool, Newcastle, West Brom and Birmingham after catching the eye for Walsall's youth side.
Penekit enjoyed a successful trial at Fulham and the teenage striker has decided to join the Craven Cottage outfit.
The youngster's father Mick admitted the starlet was impressed by the Fulham set-up when he linked up with the club on trial.
"Originally my wife and I didn't want him to leave home so the clubs that were our main targets were Birmingham City and West Bromwich Albion," his father told Fulham's official website.
"Birmingham City had offered a professional contract and Liverpool were desperate to get him. West Bromwich Albion were keen to get him down and Newcastle also showed an interest.
"He had a trial period with Manchester United but he didn't enjoy that.
"When Richard came down to Fulham for four days he was so impressed with the set-up. When he came home he said that he loved it. He said he enjoyed the lads, which is important, and he said Gary Brazil was fantastic.
"That was a big thing for him. He felt everything was right as we all did as a family."