The Denmark international had been linked with a move to the Blues following a report from Turkish sports newspaper Fanatik.
The sports newspaper claims that Antonio Conte is keen on the Denmark international and that the Blues could make an offer over the summer transfer window.
Conte will replace Guus Hiddink as Blues boss after Euro 2016 and is expected to make changes to the side which performed well below expectations this season.
The report also states that the Yellow Canaries value the Denmark international at €15 million and would not even consider offers below his asking price.
The 27-year-old centre back joined the Yellow Canaries on a €7.65 million move from Ligue 1 outfit Lille last summer.
Kjaer joined the Istanbul giants on a four-year deal and became the first Fenerbahce transfer under the command of manager Vitor Pereira.