Terim was sacked earlier this week after rejecting a contract extension. Terim, who is also in charge of the Turkish national team, was voted out at a meeting of the club’s board of directors.
Mancini has requested a clause allowing him to leave the Turkish club if he is offered an opportunity to manage the Italian national team. Galatasaray have agreed to the condition.
With bonuses, Mancini could boost his yearly earnings up to €7m if he retains the Turkish league and improves upon Terim’s last-eight appearance in last season’s Champions League.
‘President Unal Aysal and chief executive Lutfi Aribogan have met with Roberto Mancini,’ Gala posted on Twitter, attaching a picture of the Italian alongside Aribogan.
Mancini is scheduled to meet with Aysal again on Monday to put the final touches to the deal, according to agent Muzzi Ozcan who was influential in bringing the parties together as soon as the club identified Mancini as their preferred candidate to replace sacked Terim.
It is a major coup for Galatasaray to lure Mancini to the Turkish Super League and illustrates their ambition.