The 33-year-old Nigeria international joins the Canaries for the remainder of the Premier League season following an injury to centre-back Michael Turner.
Norwich revealed via Twitter: "NCFC can confirm the loan signing of Joseph Yobo from Fenerbahce until the end of the season, subject to governing body approval."
Canaries manager Chris Hughton added: "As most know we've got a problem with Michael Turner, who's got a hamstring pull which will continue to keep him out for a fair amount of time, so it's an area we needed to fill.
"Of course what Joseph is about is that he's someone who knows this division very well, and has great experience."
Fenerbahce confirmed: "Our player, Joseph Yobo, as a result of an agreement between the two clubs, will spend the rest of the season in the Premier League with Norwich City.
"Yobo has shown in his time at Fenerbahce his experience, professionalism, and an exemplary attitude. We wish him success with his new club for the rest of the season."
The defender began his career at Standard Liege and switched to France with Marseille before Everton paid £4m for his services in 2003 in the wake of a successful loan switch.
Having been David Moyes' first signing as Toffees manager, Yobo went on to make over 200 appearances for the Merseysiders before leaving on loan for Fenerbahce in 2010 - the deal becoming permanent in 2012.