The 28-year-old striker struggled last season scoring just five goals over the course of the league campaign and fell out with the fans.
The deal will include a future buy-out clause option and will see Emenike replace Ghana international Asamoah Gyan.
The Nigerian international will become the seventh player to leave Fenerbahçe following the departures of veterans Emre Belözoğlu, Selçuk Şahin and Pierre Webo.
Emenike is expected to be replaced by Manchester United striker Robin van Persie at Fenerbahçe.
As reported by Turkish-football.com’s Emre Sarıgül and the Guardian’s Jamie Jackson on Saturday Fenerbahçe have reached an agreement-in-principle for the Netherlands international.
Former Fenerbahçe board member Uğur Dündar tweeted today that he expects the Dutch striker to arrive in Istanbul by Friday.