Yobo, 31 today, spent last season on loan in Turkey, helping the Istanbul team secure the league championship.
Fener were keen to keep the player and a new loan deal was completed before the Turkish transfer deadline passed on Monday night.
Yobo had looked set to join Fenerbahce at the end of last season but instead returned to Merseyside and reported for pre-season training in July.
However, the Nigeria international, whose contract runs until 2014, failed to feature in any of Everton's pre-season fixtures.
Source: PA
Source: PA