Markovic will sign a one-year loan deal with Fenerbahçe later today.
The 20-year-old has become the 11th transfer to join the Istanbul giants over the summer transfer window.
The Istanbul giants have also signed former Manchester United duo Robin van Persie and Luis Nani as well as Simon Kjaer, Josef De Souza, last seasons top goalscorer Fernandao and three Turkish internationals Volkan Şen, Şener Özbayraklı and Ozan Tufan.
Markovic will become the third player to join the Istanbul giants on loan after Porto keeper Fabiano and defender Ba.
The Yellow Canaries take on newly promoted Antalyaspor today but Markovic will be unable to feature as he has not yet been registered.
Fenerbahçe are currently eight in the Turkish league but could move into first place with a win.
The Serbian international could however, make his debut next week against Kasımpaşa in the mini-Istanbul derby.