Yellow-blues announced on their official website that due to restriction in the number of foreign players, the club and Yobo had to part ways.
Both parties mutually agreed to terminate their contract this week just on the eve of the start of the Turkish top flight this term.
Yobo is now expected to be honoured at Fenerbahce's opening game of the season against Karabukspor.
"Since the 2010-2011 season, Nigerian player Joseph Yobo successfully served Fenerbahce and the Football Federation of Turkey has brought about the restriction of foreign players as mandatory as of today so our paths (with Yobo is) separated.
"Fenerbahçe Sports Club Board of Directors on Sunday, 31 August, 2014 before a match will reward Joseph Yobo with a plaque of appreciation.
"Fenerbahce Sports Club, today, thank you for the contribution you have made, we wish you success in (your) future football career," stated Fenerbahce on their official website.
Yobo, first joined the Yellow Canaries, on a season-long loan spell in 2010 and returned the following year again from Everton on another season-long loan deal.
In August 2012, Yobo made his move to Fenerbahce permanent when he completed a three-year deal with the Turkish club after spending about a decade at Everton.
Last season, Yobo was farmed out on loan to English outfit Norwich City in the January transfer window, but the Canaries could not keep their status in the Barclays Premier League as they were relegated.
