While the majority of Europe is closed for business until January, the Turkish transfer window remains open until Friday.
As a result, Premier League clubs have an opportunity to offload their unwanted players in a bid to further boost their positions with FFP.
At this stage, loan agreements are far more likely than permanent deals, the bulk of business having already been conducted.
Nevertheless, according to Football Insider, Fenerbahce are toying with the idea of presenting Villa with a proposal for Dendoncker.
The Belgium international has endured a relatively-unproductive stint at Villa Park since departing Wolverhampton Wanderers for another club in the West Midlands.
Although the Belgium international made a total of 20 appearances in the Premier League during 2022-23, he accumulated just 689 minutes during those outings.
In terms of this season, Dendoncker has been provided with just one game with 21 minutes as a substitute coming against Hibernian in the Europa Conference League playoffs.
While there is a scenario where the the 28-year-old could emerge as a valuable option for continental fixtures, he has evidently fallen down the pecking order under Unai Emery.
The report suggests that Villa are now open to accepting a permanent or loan offer for Dendoncker, who has only featured in one Premier League squad thus far.
Fenerbahce are said to have held discussions with the player's representatives, but are yet to put forward a bid for the versatile player.
Boubacar Kamara, Douglas Luiz, John McGinn, Youri Tielemans and Jacob Ramsey are all viewed as being ahead of Dendoncker in the midfield ranks.
Despite Tyrone Mings being sidelined for the season, Ezri Konsa, Pau Torres, Diego Carlos, Clement Lenglet and Calum Chambers are more favoured in central defence than Dendoncker.