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I 100% doubt that we will see Ronaldo play for Fenerbahce. I don't think that is a league he wants to play in and also, what is even the point to go to Fenerbahce when he still can't play in the CL? Who would leave Manchester United in that situation? It would also make a very bad impression in my opinion if he now runs away from the challenge that is waiting for him in Manchester. If he wants to save his face he should rather try hard and fight.
Rumors of Ronaldo leaving Manchester United only to join giant clubs in other top leagues, such as the Bundesliga, Serie A, La Liga and Ligue 1. But if moving to the Turkish League to join Fenerbahce would be a setback in Ronaldo's career, I think Ronaldo will chose to stay at Manchester United until his contract expired rather than move to a less top league. Manchester United is in the process of revamping and they have started to show good performances. It is very possible that Ronaldo will stay at Old Trafford instead of having to move to Fenerbahce.