According to Turkish outlet NTVSpo, a deal has been agreed between the club and Ozil.
It is claimed a three-and-a-half-year contract has been lined up for the World Cup winner.
And it now appears inevitable that the 32-year-old's Arsenal career will come to a sad end imminently.
Mikel Arteta has outcasted the £350,000-a-week superstar playmaker this season.
He was not included in the Gunners' Premier League squad or their Europa League one.
Arsenal have been struggling badly in the meantime, leading to pleas from fans and pundits for Ozil to be recalled for the second half of the campaign, to give the team some much-needed creativity.
But the playmaker's 2021 looks set to be spent away from north London.
Arsenal have been seeking a solution to offload Ozil for some time, and it now seems Turkish giants Fenerbahce will provide him with an escape route.
His huge salary at the Emirates has proved problematic in landing him a new team.
DC United have been linked as a potential option in the January transfer market, with a lucrative switch to the MLS touted.
However, Turkey could suddenly become the former Germany international's destination instead.
Ozil has been an Arsenal player since 2013, when he joined for £42m from Real Madrid.
2021, though, was always going to be the year his time with the Gunners came to a close.
His contract is due to expire in the summer, but a departure this month is now on it seems.
Arteta hinted recently Arsenal's big earners would have to leave the club in January too, saying: "We cannot sustain the numbers we have."