The two clubs are believed to be negotiating a deal, with reports suggesting that they are €5m (£4.2m) apart in their valuations.
However, Lotito said that he is yet to table a formal offer for the 28-year-old, who scored 34 goals in all competitions last season.
"Galatasaray say there is a €5m difference? Then it means [Galatasaray director Bulent Tulun] is negotiating with himself in a mirror," Lotito told Corriere dello Sport.
"I have made no offer. We'll see what happens."
Yilmaz has scored nine goals in 27 appearances for Turkey.