There's no freaking way to rent him back to Fenerbahce; he deserves to be rented to a bigger club. He needs it to ensure he can step up higher than this time. He is a very promising player to be wasted on a club that wouldn't help develop himself.
Man you spoke as if him moving to Fenerbahçe for a loan deal will be a bad idea, don't forget he will be under Jose Mourinho and also still have a more game time with Europa league football and with Arda Guler, Fenerbahçe will have a better chance of winning the league by being ahead of Galatasaray who is even having a more fearsome squad especially in the aspect of their attack.
Of course, it was a situation that was not very good even though there was Mou at Fenerbahce.
Although it cannot be denied that in the end Fenerbahce is also one of the big clubs in Turkey and there is Mou who coaches and we know how his capacity is but when Arda goes to Fenerbahce then it is clear that he loses the opportunity to develop more especially he left Madrid of course so Arda's loan will be a bad option for Arda himself.
Though it's obvious he is not leaving but him moving to fenerbahce on a loan deal, is much better option than some European Clubs to me though, that is if Real Madrid wants to loan him. I guessed you have forgotten how well Jose Mourinho do take his time to train youngsters with talent, definitely Arda Guler will improve there also and possibly be a key factor for them to win the league and also go thus far in the Europa league.
But despite all that we know that now Arda will still be at Madrid and he will not go anywhere for this season especially for performance even though he always starts the match from the bench but his performance is very good in Madrid's midfield so they will not waste this young player to be at another club.
He's always been a good substitute and at Madrid he's even used to a few different positions so he's flexible and gaining more knowledge.
Arda Guler is relatively a key player for Real Madrid this season, not like last season and I guessed Real Madrid might have been tempted of loaning last season but this season and continously, that won't happen, he's now and will be a key player for Real Madrid in the long run. His development will be in the Bernabéu stadium. An excellent youngster lad we are all proud of.