Guirassy, 30, joined Dortmund from VfB Stuttgart in the summer of 2024 and enjoyed another prolific campaign last season, scoring 17 goals and adding an assist in 33 league appearances, 27 of them starts.
Speculation over his future has built throughout the spring, with the striker previously linked to Barcelona and Tottenham as well as interest from elsewhere in the Premier League.
Guirassy is under contract at Borussia Dortmund until the summer of 2028, but reports suggest he holds a release clause worth just under €40m that runs out on 15 July. Crucially, that clause is understood to only be valid for a select group of clubs — Real Madrid, Barcelona, Manchester City, Liverpool, Chelsea, Manchester United and Arsenal among them — meaning Fenerbahce would have to negotiate a fee with Dortmund directly rather than trigger the release clause themselves.
Fenerbahce have already tested Dortmund's resolve with an opening bid of €35m, only for the Bundesliga club to hold out for their €40m valuation, with an improved offer from the Turkish side expected in the coming days.
Whether any of Guirassy's preferred Premier League or La Liga suitors move before the clause expires remains to be seen, and Fenerbahce's interest could grow further if the window passes without one of them stepping in.
Should talks with Dortmund stall, Fenerbahce are said to be ready to pivot toward Aston Villa striker Ollie Watkins as an alternative target. Dortmund, who finished as Bundesliga runners-up last season, would be reluctant to lose their leading scorer without receiving a fee that reflects his importance to the team, even with the clause complicating their leverage in any negotiation.
For now, Guirassy's stance remains that a move to Turkey would only be considered if his other options fail to materialise before the market moves on.