The Netherlands star, who helped Inter to a treble of Champions League, Scudetto and Coppa Italia under Jose Mourinho in 2010, has not played for the Nerazzurri since September.
Coach Andrea Stramaccioni insists that tactical reasons are behind the decision, but it is widely believed that it was in response to his refusal to take a pay cut.
Coveted in the last couple of years by Manchester United, with Manchester City and Paris Saint-Germain also now reportedly interested, Inter originally handed him the huge deal to stave off suitors.
However Istanbul club Galatasaray say they are in talks with Sneijder.
"Galatasaray announces it has begun negotiations with the FC Internazionale for the transfer of Wesley Sneijder," read a statement on their official website.
"The public will be informed of developments."
Before Christmas the player's wife, actress Yolanthe Sneijder-Cabau, said they were looking to leave Italy.
"We are about to emigrate," she said. "It should happen in early January and we are looking for a nice place for our family."