"Our club has reached an agreement with Paris Saint-Germain for the permanent transfer of Spanish midfielder Marco Asensio," Fenerbahce posted on social media, without disclosing the fee paid for the Spaniard.
"He has signed a 3+1 year contract, committing himself to our yellow and navy colours."
The 29-year-old joined PSG from Real Madrid in 2023, after a trophy-laden spell at the Bernabeu, where he won three Champions Leagues and the same number of La Liga titles.
Asensio spent the second half of last season on loan at Premier League side Aston Villa, notching eight goals in 21 appearances in all competitions.
The Spanish international boasts 38 caps for his nation, with a return of two goals, and was last called up in 2023.
He arrives at Fenerbahce, who recently parted ways with Portuguese coach Jose Mourinho after failing to qualify for the Champions League in late August.
According to Turkish media, the Istanbul club are expected to officially announce the signing of Brazilian goalkeeper Ederson from Manchester City in the coming hours.
