Meireles, 29, had made only one start in three Premier League games for Chelsea this season and was an unused substitute in the Super Cup defeat by Atletico Madrid.
The arrivals of the likes of Eden Hazard and Oscar had been an indication the European champions were looking in a different, younger direction.
And Meireles has now made the move to Fenerbahce after just more than a year since he moved to Chelsea on the British summer transfer deadline day of 2011.
The Portuguese star will be reunited with Dirk Kuyt at Fenerbahce having spent a year with the Dutchman at Liverpool.
A statement on the Premier League club's website read: "Chelsea Football Club thanks Raul for the part he played in such an historic and successful year, and wishes him well at his new club."