Sky Sports reported the clubs have agreed a fee for the 19-year-old Guinea international, whose arrival would take Frank Lampard's summer spending on new attacking options to well over £100m as Coventry City prepare for life back in the Premier League.
Cherif joined Fenerbahce on loan from Angers in February with a mandatory purchase clause, having come through the French club's academy and made his senior debut there in August 2023. He scored three goals in 17 appearances across all competitions for the Turkish side last season after previously netting four times in 36 outings for Angers.
The move would follow Coventry's £17m agreement with Nottingham Forest for striker Taiwo Awoniyi, according to the BBC, as Lampard continues to strengthen his forward line ahead of the new campaign.
The Sky Blues have already committed £92m to six other signings this summer, including midfielder Gustavo Hamer and goalkeeper Carl Rushworth, having earned promotion as Championship winners.
Cherif is regarded as one of the more promising young forwards to emerge from Fenerbahce's recent recruitment, and his arrival would give Coventry a long-term attacking option to develop alongside their more experienced additions. The Sky Blues face a testing start to Premier League life and have been active throughout the window in bringing in reinforcements across multiple positions.
Lampard's side will be aiming to establish themselves in the top flight after securing the Championship title last season, and the addition of Cherif alongside Awoniyi would give the manager considerably more attacking depth than he had during the promotion campaign.
Further incomings before the window closes have not been ruled out as Coventry continue to back their return to the Premier League.
Other outlets have reported the fee in a slightly higher bracket, with Foot Mercato and Turkish sources putting the total package closer to €24.5m, or around £21m, once bonuses are included. The figures are broadly consistent, and Coventry's medical process for Cherif is expected to move quickly given the club's determination to have both new forwards available as early as possible in the Premier League season.