But a source told newspaper Aftonbladet that Galatasary's new acquisition will earn around 20 million kronor or $3 million USD per season on a two-year contract.
The 29-year-old, who is the Swedish national team's striker, scored 10 goals this season with Bolton Wanderers where he has played since 2008 after two seasons with French first division side Toulouse.
Elmander's contract with the Bolton Wanderers runs out after this season. Newspaper Dagens Nyheterna reports that clubs in several countries had been interested in getting him on board via an open transfer.
Galatasaray is currently struggling ninth in the championship, lagging 36
points behind leaders and arch-rivals Fenerbahce.
Galatasaray will be Elmanders seventh professional club after Feyenoord, Breda, Bröndby, Toulouse, and Bolton.
Aftonbladet is also reporting that Galatasaray is interested in acquiring Swedish midfielder Kim Källström from French club Lyon.