Kaka is still a Real Madrid player despite summer speculation linking him away, but Terim has admitted that the club could not afford his current wages.
"Kaka is a player that I will always have an interest in because he is a great player", Terim told Corriere dello Sport.
"Kaka would be a perfect player for Galatasaray and, indeed, I told my president just that. He believes the same and is looking at the signing.
"He has a major contract. The last word is his."
Kaka signed for Real Madrid in 2009.