The Turkish club's vice-president has claimed that talks with the Moroccan midfielder are progressing and that a deal could soon be agreed with the French side
"We had an agreement with Belhanda," he told reporters.
"There are some details we have to deal with and discuss with the Montpellier board, but i think that we will be able to give good news about this transfer soon."
Belhanda, 22, has been the subject of interest from both Fenerbahce and from Inter, who reportedly view him as a potential replacement for Coutinho should the Brazilian choose to depart the San Siro in January.
However, it would appear that Fenerbahce have taken the lead in the race for his signature
The Morroco international has been in scintillating form for Montpellier and placed himself in the shop window with a sequence of confident performances in the Champions League, notably against Arsenal when he scored an audacious "Panenka" penalty.
Fenerbahce are currently second in the Turkish Super Lig but the potential signing of Belhanda alongside Wesley Sneijder would be a boost to their title challenge.