The report claims that Valencia have activated Nani’s €8.5 million release clause and that the Portuguese international will undergo a medical after Euro 2016.
Fenerbahce are reported to be happy with the deal after Nani fell out of favour with head coach Vitor Pereira – who will remain in charge next season.
Valencia have already agreed personal terms and the deal is expected to go ahead without a hitch next month.
The 29-year-old joined Fenerbahce on a three-year deal from United but is reported to be unhappy with his current role at the club.
Nani has been in great form for Portugal at the European Championships and is currently joint top goalscorer for his national team along with Cristiano Ronaldo.