The Spanish wing-back will leave Madrid when his contract expires at the end of the month and is in talks to join Jose Mourinho's side according to Turkish media.
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THE BIGGER PICTURE
Vazquez, who is a youth academy product of Madrid, has been associated with the club for 15 years. He racked up over 401 games for the clubs, winning five Champions League and four La Liga titles.
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Vazquez may not be the only player to move to Istanbul this window as Fenerbahce have also been linked with Neymar, Son Heung-Min and Kyle Walker.
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WHAT NEXT FOR VAZQUEZ AND FENERBAHCE?
Vazquez came on as a substitute for Madrid in their 1-1 draw with Al Hilal as a clause in their contract triggered an automatic two week extension in his contract for the Club World Club. Fenerbahce will hope that they can get the Vazquez deal over the line and strengthen other areas of the pitch and mount a title challenge next season.