The attacking midfielder, 32, arrived in Istanbul earlier this week and is set to sign a three-and-a-half year contract.
According to Spanish newspaper AS, Ozil's Fenerbahce deal is worth £3.5million a year or £67,300-a-week - a substantial decrease on the £350,000-a-week he was earning at Arsenal.
However, Ozil could reportedly top up his salary with various performance-related bonuses.
If Fenerbahce, who are currently second in the Turkish Super Lig, go on and win the title, their first since 2014, he is in line to earn £445,000.
If they qualify for next season's Champions League, which would require a top two finish, Ozil will reportedly receive £222,000.
It comes as Fenerbahce prepare to unveil their new signing sometime later this week in a presentation that will be closed to supporters because of the Covid-19 pandemic and open only to guests.
Ozil will be taken to the club's stadium in a private helicopter owned by club president Ali Koc, with the ceremony broadcast live on Fenerbahce TV and the club's social networks.
He will receive a special shirt created for the presentation, AS report, and the club will screen a video featuring good luck messages from several former team-mates at Real Madrid and Arsenal.
Ozil's £350,000-a-week Gunners contract was terminated at the weekend, bringing to an end seven-and-a-half topsy-turvy years at the Emirates Stadium.
He arrived in Istanbul on Sunday night on Koc's private plane and told television channels he was 'very excited' to complete a move to the club he supported growing up.
'I am a Fenerbahce fan. That is why I am very happy to be coming to Turkey with Fenerbahce,' Ozil said. 'I'm very excited. God gave me the chance to wear this jersey as a Fenerbahce fan. God willing, I will carry it with honour and do everything I can for the team,' he added.
'Of course, I'm missing a few matches. I haven't played in a match in a while, but I am physically fit, I have no issues,' he said, adding he had been training with the first team at Arsenal during his time off the pitch.
Ozil arrived in Istanbul late on Sunday evening, with Fenerbahce tweeting some pictures of their impending signing, alongside the message: 'Our club is bringing Mesut Ozil to Istanbul to continue the transfer processes.'
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