A statement on the Istanbul club's website, www.fenerbahce.org, read: "Fenerbahce have reached an agreement with Newcastle United in order to sign the Turkish superstar Emre Belozoglu."
Turkey trot: Belozoglu Emre leaves Toon
Newcastle have yet to comment although it would not be a surprise if he were to leave St James' Park.
The former Galatasaray and Inter Milan star has failed to shine in England after joining United in July 2005.
The 27-year-old came to prominence after helping Turkey to a third-place finish at the 2002 World Cup in Japan and South Korea.
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