The former Germany midfielder is expected in Istanbul today.
Fantik says Arsenal and Fener have come together to pay €10m to Ozil for the remaining six months of his Gunners contract.
After the end of this season, Ozil will earn €5m-a-year from Fener. His contract is expected to run to 2024.
Ozil ends his time with Arsenal after seven and a half years with the Premier League giants.