Spain international Soldado, 32, signed a two-year contract with an option of staying on for a third year, Fenerbahce said.
Some reports have said that the transfer fee was as much as 10 million euros ($11.8 million) but the Fanatik sports daily said it was five million. Fenerbahce should announce the official figure in the coming days.
After stints at Spanish sides including Real Madrid and Valencia, Soldado joined Tottenham in 2013, staying with the English Premier League side for two seasons.
He joined Villarreal in 2015 but much of last season was blighted by a knee injury.
Fenerbahce are looking to reinforce their side after finishing well behind champions Besiktas and surprise runners-up Basaksehir Istanbul in the Turkish Super Lig last season, thus missing out on a Champions League place.
Fenerbahce also announced Friday that formal talks had begun with Zenit Saint Petersburg over a loan deal for Brazilian midfielder Giuliano.
Other signings for Fenerbahce in the close season have included Moroccan international full-back Nabil Dirar, French attacking midfielder Mathieu Valbuena and Chilean international defender Mauricio Isla.
Ahead of the start of the 2017/18 season in Turkey at the weekend, all the giant Istanbul sides have been intensely active in the search for available foreign players during the transfer window.
Galatasaray, who finished fourth in the Super Lig last season, have signed Brazilian midfielder Fernando from Manchester City as well as French international striker Bafetimbi Gomis from Swansea City.
Champions Besiktas meanwhile have nabbed Portuguese international Pepe from Real Madrid, Spain’s Alvaro Negredo from Middlesbrough and Chilean international defender Gary Medel from Inter Milan.
Meanwhile, Besiktas this week also confirmed that Sunderland forward Jeremain Lens of the Netherlands would play for the club on loan this season, with an option to buy him at the season’s end.
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