Arda, who missed Turkey's 3-2 Euro 2008 semi-final defeat to Germany last night through suspension, is expected to make an announcement about his future in the next few days.
But it is looking increasingly likely that it will be bad news for Magpies manager Kevin Keegan, who is yet to make a decisive move in the transfer market.
Turk Wants Move To Italy!
Newcastle had attempted to wrap up an £8m deal for the exciting 21-year-old attacking midfielder last month, but were frustrated by Galatasaray's reluctance to sell before the start of the European Championships.
Now his price is £15m.