Arda's €41 million move from Atletico Madrid to the Blaugrana was confirmed on Monday but the Turkey international isn't eligible to play until January because of the club's transfer ban.
As a result, Ilhan has offered Arda the opportunity to ply his trade at Fener until the end of the year.
"Arda will not play in Barcelona until January," he wrote on Twitter. "As our president [Aziz Yildirim] said before, he can play for Fenerbahce for six months."
Aziz previously tried to sign Arda four years ago but the former Galatasaray man rejected the offer.
While the 28-year-old has signed for Barca, he could yet be sent back to Atletico as the Blaugrana insisted on an option to veto the transfer - at a cost of €4.1 million - in the event that Josep Maria Bartomeu is deposed in this month's presidential elections and his successor does not want him.
Agusti Benedito has already confirmed that he would return the attacker to the Vicente Calderon, while fellow candidate Joan Laporta remains undecided on the issue.
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