The Turkish giants have repeatedly been linked with Ozil amid reports Arsenal are keen to offload the playmaker.
But Fenerbahce have now moved to downplay reports of an impending offer, conceding they dont have the funds to sign Ozil.
A statement from the Super Lig side read: Mesut Ozil, with his career and standing, successfully represents our country abroad.
He is an important value known with the identity of Fenerbahce.
However, Fenerbahce does not have a proposal for Mesut Ozil.
Under the current economic conditions, such a step is not possible for both parties.
Our president, Ali Koc, made statements on the subject in the WinWin program held on June 20 and emphasised that this could not be realised in the short term.
Ozil is Arsenals best paid players on a £350,000-a-week contract, a deal he signed in January 2018 after relentless transfer speculation linking the German with an exit.
Arsenal committed massive funds to keeping Ozil at the Emirates, but Unai Emery appears unconvinced by the 30-year-old.
Ozil moved in and out of the Arsenal starting eleven Read More – Source