The attacking midfielder, 22, previously appeared to be on his way to Fenerbahce after agreeing personal terms with the Istanbul giant.
But Nicollin stated earlier this week that Fener could not give him the financial guarantees he wanted, and Belhanda now seems destined to continue his career in Serie A instead.
"We have reached an agreement with Inter over a transfer fee of 14 million euro," Nicollin was quoted as saying by AMKSpor.
"Fenerbahce did not want to pay more than 8 million euros. That's why I have opted to accept Inter's bid instead. Every player has his price, and 8 million euros is not enough for Belhanda."
Belhanda was one of MHSC's key players last season as the club won the Ligue 1 title.
Inter is in the market for a new midfielder following the departure of Wesley Sneijder to Galatasaray earlier this week.