Will an ak101 fire an m16 round?

No. There are AK variants which fire the 5.56x45 round (common to the M16), such as the AK101, Type 84, Rk 62.76, Kbs. wz. 1996 Beryl, etc., but the AK47 and AKM fire a 7.62x39 cartridge. The two cartridges are not interchangeable, nor even close to it.