The English-born Turkey forward will suit up at the Stadium Municipal until the end of the season with the option of a permanent deal which he is leaning towards.
"TFC (Toulouse) showed lots of interest in me and I quickly decided that this is where I wanted to play," he said.
"I know that there is a huge potential here. They were fourth last season and they want to keep progressing.
"I'm leaving Fenerbahce without regrets. It's up to me to prove that these six months could turn into something longer. I'll play wherever the coach tells me."