The Daily Express says Belhanda had agreed terms to leave Montpellier for Fenerbahce, but the two clubs have failed to agree a fee. Louis Nicollin, president of the French club, has priced Belhanda at £12million.
That could open the door to a late swoop from Tottenham or Arsenal.
Both London clubs have shown interest in the 22-year-old, with Spurs making enquiries last summer and Gunners boss Arsene Wenger saying last year: "I know Younes well and like him a lot. But I don't want to cause problems. Only Montpellier can decide where he goes."