The Süper Lig television rights holder stated that the Galatasaray have agreed personal terms with the 26-year-old.
While no date has been specified the Reading midfielder is expected to put pen to paper on a deal with the Istanbul giants by the end of the month.
Karacan has been linked with Galatasaray in the past and the Lion’s are on the look-out for a new midfielder with Yekta Kurtulus rumoured to be on his way out of the club.
The Turkey U23 international’s contract with Reading expires at the end of the month meaning Karacan is free to hold talks with any club.
Karacan has one goal and one assist in 11 appearances for Reading this season.
Galatasaray won the league title for a record 20th time last season and booked a place in next seasons Champions League group stages.