Max Meyer is currently a free agent after letting his Schalke 04 contract run out.
Meyer has been struggling to find a new club due to his wage demands.
According to German newspaper Bild, Arsenal were told Meyer wants more than £4m (€4.5m) a year, a fee Gunners chiefs were not willing to pay.
Liverpool, Atletico and Fenerbahce also snubbed Meyer after he demanded what would make him around £77,000 per-week.
With Meyer short on clubs willing to meet his demands Fenerbahce have decided to rekindle efforts to sign the 22-year-old.
Meyer’s agent Roger Wittman has been in talks with Fenerbahce sporting director Damien Comolli a source close to the club revealed to Turkish-Football.
Comolli has offered considerably less but Fenerbahce are prepared to include a sign-on fee and bonuses.
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The midfielder missed out on being called up to the Germany squad for the World Cup after a disappointing season.
Meyer scored just one goal and provided a single assist in 28 appearances for Schalke in all competitions over the 2017-18 campaign.
