Burak Yilmaz has shone since joining Galatasaray two years ago, leading to reported interest from Chelsea.
When asked if he would allow the Turkey international to leave for Stamford Bridge, Galatasaray chairman Unal Aysal said: "If he wants to go and Chelsea are interested then of course, why not? I favour Turkish players going to Europe to play in European leagues.
"No [we have not received an offer from Chelsea], not yet.
"We had some requests from Lazio at the end of the summer, but the deal didn't go through because the conditions were not satisfied."
For the time being Yilmaz will no doubt play a key role as Roberto Mancini attempts to turn around Galatasaray's fortunes.
The former Manchester City boss was recently appointed manager of the Istanbul giants, penning a three-year deal to replace Fatih Terim.
Mancini secured an impressive 2-2 Champions League draw at Juventus in his first match at the helm, only to lose his first league match 2-1 at Akhisar Belediye.