The Brazilian striker has signed a three-year deal with the Yellow Canaries keeping him at the club until July 2018.
Fernandao will receive €1.4 million in his first season, €1.6 million in his second season and €1.8 million in his final season at Fenerbahce.
The Istanbul Giants will pay Atletico Paranaense a €3.5 million transfer fee.
The powerful striker has scored the highest number of goals in the league this season – 22.
Fernandao has a total of 26 goals and eight assists in all competitions this season. Only Beşiktaş striker Demba Ba has scored more in all competitions (27) although he has scored four less in the league.
The 28-year-old striker scored in the 3-2 defeat against Galatasaray in the Turkish Cup final.
Fenerbahçe finished the league season as runners up and booked a place in the Champions League play-off stages.
The Yellow Canaries will participate in European competition for the first time in two years after serving their UEFA suspension.