The 30-year-old Germany international signed a three-year contract with Galatasaray yesterday. The signing was unveiled by Galatasaray president Dursun Ozbek at the Ali Sami Yen Medya Center.
Galatasaray released the financial details of the transfer to the Istanbul stock exchange.
The player has the option to extend his contract by a year if he makes over 30 appearances for the Lions during the 2018-19 season.
Podolski will also receive a €20,000 bonus for every appearance. Arsenal will receive at least €2.5 million from Galatasaray for the transfer of Lukas Podolski.
The 30-year-old won the World Cup with Germany last season and wants regular first team football to keep his place in the national team side.
Podolski scored three goals in 12 appearances for Arsenal last season. The Arsenal forward has scored 48 goals in a 125 international appearances.
The former Arsenal man has been on holiday in Antalya, Turkey for the past week.