The Lions are locked in negotiations with the Italian manager who parted ways with Watford last season.
The 51-year-old manager would replace Jan Olde Riekerink as Galatasaray head coach if he were to take over.
Jan Olde Riekerink won the Turkish Cup last season as Lions boss despite taking over in the second half of the season.
Galatasaray will not be able to compete in European competition next season due to serving a UEFA competition ban for breaching FFP regulations.
The Lions will also have a reduced transfer budget next season as they are still under the watch of FFP.
Galatasaray are currently going through a transitionary phase and Flores would be taking over a long term project if he were to accept the deal being put forward.
The Lions could face competition from Leeds United who have also been linked with the Spanish manager.