The Nigerian defender spent the last two seasons on loan at the Turkish side after losing his first team place at Goodison Park, and has now signed a permanent three-year contractJoseph Yobo has completed his permanent move to Fenerbahce from Everton for a fee of around £1.9 million (€2.5m).
The 31-year-old defender signed a three-year contract with the Turkish giants after spending the last two seasons on loan at the club.
The Nigeria captain is also expected to earn €2m (£1.5m) per year.
Yobo lost his place at the heart of David Moyes' back four after Johnny Heitinga and Sylvain Distin arrived at Goodison Park.
The former Marseille defender was expected to complete his move last week but talks broke down over additional demands made by the Toffees, regarding a bonus payment related to European appearances made by the Nigerian.
Yobo made over 250 appearances for the Merseyside club since arriving from Ligue 1 in 2002.