This paper deals with the observer design for a class of Interconnected Takagi–Sugeno (TS) systems with Immeasurable Premise Variables (IPV). We first investigate the D-stability of Luenberger-like interconnected multiple observers. However, the resulting constraints can be somewhat conservative due to the use of a common Lyapunov matrix. Then, the so-called Finsler’s lemma is used to relax the D-stability conditions through the introduction of additional slack variables providing more flexibility and extra degrees of freedom. The designed conditions are expressed as Linear Matrix Inequalities (LMIs). The proposed approaches are applied in simulation to a Proton Exchange Membrane Fuel Cell (PEMFC) system and a four-tank system.