Musa, who moved to Leicester City from Russian Premier League side, CSKA Moscow last summer failed to live up to expectation, which ultimately has forced the Foxes into considering a sale.
According to reports from Sozcu a respected paper from Turkey, the two clubs have agreed in principle a loan move for the winger.
Fenerbahce have made strengthening their forward line a priority with Moussa Sow and Nigerian striker, Emmanuel Emenike set to leave over the summer.
Musa who scored just four goals in all competitions for the Foxes this season, will discuss personal terms with the Turkish club before the deal can finally be agreed.
Musa, will be the fourth Nigerian to dorn the colours of the yellow Canaries if the deal goes through, apart from former Super Eagles striker Emmanuel Emenike, the two others are former Super Eagles defender Uche Okechukwu and midfielder Jay Jay Okocha.