LigTV, the official broadcaster of the Turkish League, announced the deal just before the Galatasaray-Besiktas derby.
Reports say that Drogba will pocket a salary of €6 million for the 18-months of his deal as well as a signing on bonus of €4 million.
He will also get a bonus of €25,000 for each game his plays up to a maxium of €500,000-a-year meaning he could earn €11 million over the 18 months.
Eurosport Turkey reports that the "agreement is not official yet but sources say it will be done in next week." It is the second massive deal for the Turkish giants this January with Wesley Sneijder having already signing from Internazionale.
Drogba had been playing in China with Shanghai Shenhua but his future there was plunged into doubt amid reports of unpaid wages.
Drogba signed a two-and-a-half year deal reportedly worth around $300,000 per week last June, but the Shanghai-based Oriental Sports Daily said the 34-year-old was owed wages in the wake of a long-running equity row at the club.
Drogba applied for permission in November to leave Shanghai on loan before the January transfer window, but FIFA refused the request.
He then returned to Chelsea to train at his former club in a bid to stay sharp for the African Nations Cup, where he is currently in action for the Ivory Coast.
Source : Euro Sport