However, the 19-time Super Lig winners have since denied the reports via an official statement on their website.
“In recent weeks, and especially in the last few days, the necessity of providing information about the claims of Mesut Özil, which is on the agenda, to clarify the situation has arisen,” Fenerbahce said.
“Mesut Özil, with his career and stance successfully represents our country abroad, is an important value known with the identity of Fenerbahce.
“However, Fenerbahce does not have an initiative for Mesut Ozil. Under the current economic conditions, such a step is not possible for both parties.”
“Fenerbahce are looking into the possibility of signing Mesut Ozil from Arsenal. I don’t think Fenerbahce could really afford to buy him outright so what they’re looking for is a loan deal whereby Arsenal would continue to pay a percentage of his wages.
“Ozil earns £350,000-a-week but I don’t think there’s any way Fenerbahce could afford that, but if there was a way they could come to some sort of agreement with Arsenal where they would carry on paying some of those wages then it could happen.
“I think we’re still at the stage where talks have not taken place between the two clubs but this is something intermediaries are working on.
“If this happens it would possibly be the biggest transfer in the history of Turkish football.”
Sky Sports have since taken down the post on their website and Twitter handle following Fenerbahce’ latest statement as that has effectively put the rumours to bed.
Arsenal are open to cashing in on Ozil this summer, as manager Unai Emery tries to raise transfer funds and cut the wage bill.
Unsurprisingly, suitors have been dissuaded from coming for the signature of the Germany international due to his wages, and the Turkish giants aren’t interested in a deal too.
The 30-year-old made just 20 Premier League starts last season, coming off the bench four times and featuring in 11 games across other competitions, and wasn’t a huge part of the Spaniard’s first-team plans.
It remains to be seen what the future holds for Ozil at Arsenal as he penned a new three-and-a-half year contract last year, but it will be interesting to see if he can make himself indispensable to Emery going forward.