The Daily Star newspaper claim that the Istanbul Giants are preparing to table an offer for the out-of-favour striker.
Galatasaray are on the lookout for a new striker as a replacement for star striker Burak Yilmaz who moved to China back in January.
The Red’s have transfer listed Balotelli and want to offload him to free up the £80,000-a-week wages that he is currently on.
However, Galatasaray are currently on a one-year UEFA European competition ban for breaching financial rulings. The club could be forced to cut back on spending and either sell or reduce the wage packets of their highest earners such as Wesley Sneijder and Fernando Muslera.
Balotelli has just returned from a disappointing season long loan at AC Milan scoring just one league goal in 23 games.