The former Deportivo La Coruna star is eager to leave the Emirates after a disappointing year in England.
Confirming Fenerbahce's interest, agent Rodrigo Fernández Lovelle told AS: "The truth is that the Turkish club has been interested in Lucas Pérez for two months.
"It does not seem very easy because Arsenal does not want to give him up on loan. Many European clubs are interested in Lucas, but Arsenal wants to offset some of the money paid to Deportivo Coruña last summer. Arsenal paid €21 million for Lucas.
"They'll accept a figure of around €12 million for his sale."