The prolific attacker will undergo a medical with the Istanbul giants on Thursday and sign a long-term deal upon completion.
Emenike, 26, left Fenerbahce for Spartak in the summer of 2011 in the wake of a match-fixing scandal without ever playing a single game for the Champions League hopefuls.
He had since developed into a key figure at Spartak, but was keen to return to Turkey after Fenerbahce expressed an interest in re-signing him.
The attacker started his career at Delta Force and also wore the jerseys of Black Aces, Cape Town and Karabukspor before first joining Fener two years ago.
Emenike's arrival means Fenerbahce will have to part company with one of the foreign players in their squad as they have exceeded their quota of foreigners.
Turkish clubs are not allowed more than 10 foreign players every season, but Fenerbahce have 11 foreigners under contract with the forward joining the club.
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