The move follows Frank Lampard's earlier deal for Nottingham Forest's Taiwo Awoniyi, giving the newly-promoted Sky Blues two fresh options up front ahead of Friday's daunting Premier League opener away to champions Arsenal.
Reported fees for the Fenerbahçe deal have varied by outlet, ranging from £20.5m to as much as €25m including add-ons; Coventry have not disclosed the exact structure.
The Guinea-born Frenchman only joined Fenerbahçe in February on loan from Angers, with a mandatory obligation to buy worth a reported €21m that was activated over the summer. His stay in Turkey lasted barely six months, with the emergence of competition up front, including the arrival of Romelu Lukaku, opening the door for a swift return to Western Europe.
Chérif progressed through Angers' academy after joining the club at 12, making his Ligue 2 debut against Laval at just 16 as the club won promotion to Ligue 1. He went on to become a regular starter for Les Noirs et Blancs by the start of last season, scoring four goals in 19 Ligue 1 appearances before his move to Turkey, where he added two goals in ten Süper Lig outings.
"I'm very happy to be a Coventry City player and I'm excited to be playing in the Premier League," Chérif said, speaking to Coventry's official website.
"I'm looking forward to showing the fans what I can do and to play at the amazing stadium."
Primarily a centre-forward capable of playing off the left, the 6ft 2in teenager is known for his direct running and defensive work rate as much as his finishing, qualities that made him a target for several clubs before his move to Fenerbahçe, including Crystal Palace. He has been called up to France's under-21 squad but is yet to make an appearance at any international level.
Chérif has signed a five-year contract at the CBS Arena, becoming the latest piece in an aggressive summer rebuild under Lampard that has also brought in wingers Loum Tchaouna and Caleb Yirenkyi, plus the returning Gus Hamer, as Coventry prepare for life back in the top flight.
Including the Chérif and Awoniyi deals, Coventry's summer outlay is reported to have passed £129m, a striking figure for a club playing its first Premier League season in over two decades.