The 49-year-old only moved to the Super Lig outfit in September last year after being sacked by Manchester City.
The move is at odds with Mancini's public comments earlier this week, in which he claimed he was to stay in Turkey despite acknowledging that he missed his home country of Italy.
In the interview with Gazzetta dello Sport, Mancini said: "I am under contract for a further two years and I've done well so far.
"Besides, we will play in the Champions League next season."
But a brief statement on Galatasaray's website confirmed the news on Wednesday, adding that the decision was by "mutual agreement".
TOPICS
LATEST ARTICLES
