Emenike is currently on loan at West Ham after joining in January from the Istanbul giants.
The powerful striker fell out of favour with the Fenerbahce board and staff last season after a disappointing spell and off the field issues.
The Nigerian intentional striker has two goals in all competitions for the Hammers this season and the east London based club also have a buyout clause option.
Emenike spent the first half of the season on loan at Al Ain scoring seven goal in 11 appearances.
West Ham were reported to have had a buy-out clause option that they would have been forced to activate if Emenike made 10 Premier League appearances.
Bilic has denied a clause in Emenike’s contract forcing the club to sign the Nigerian international for €11 million if he makes 10 Premier League appearances.
Speaking to Turkish sports newspaper Fanatik Bilic said: “It is absurd we would never have agreed to such a clause and that the club have no obligation to sign him.”
Bilic also revealed that the club will make a decision on the future of Emenike at the end of the season.
“Everything will become clear at the end of the season,” he added.
The Hammers take on Crystal Palace in the Premier League this weekend as they look to secure a fourth place finish.