After failing to secure a move away from the Emirates over the summer, the former England midfielder is facing an uphill battle to stay fit and work his way back into Arsene Wenger's plans.
But Turkish outfit Fenernahce are keen to swoop for the 25-year-old in January, after being unable to sign him on deadline day last week.
Wilshere would link up with former team-mate Robin van Persie and Tottenham rejects Roberto Soldado and Vincent Janssen if he made the switch to the Super Lig club.
According to talkSport, talks are already in place between the two parties and a deal has been agreed in principle.
Fellow Turkish side Trabzonspor also had their sights set on Wilshere in the summer and are likely to rival any Fenerbahce bid in the New Year.
A host of English clubs, including West Ham and Newcastle United, were reportedly interested in the player but may have been put off by Wilshere's rash sending off in an under-23 game in mid-August.
The former Bournemouth loanee has been at Arsenal since 2001 but has fallen out of favour after repeated injuries.
Wilshere's current contract at the Emirates expires at the end of the season.
Arsenal take on Cologne in the Europa League on Thursday evening.
They then face champions Chelsea at Stamford Bridge on Sunday.
