The Turkish side have signed Villarreal and former Tottenham striker Roberto Soldado for €5m and are no longer interested in making a move for the Gunners forward this summer.
Magpies boss Rafa Benitez revealed earlier this week that he had spoken with Arsene Wenger about Perez’s situation. The Frenchman’s response was to effectively tell the former Real Madrid and Liverpool manager to show him the money.
Arsenal have set a €15million (£13.6m) asking price for the 28 year old which Newcastle will have to match. The Gunners have been extremely tough in negotiations with clubs over their players this summer. They successfully held out for the €15million they wanted from Juventus for Wojciech Szczesny but they have also reportedly put off a number of teams with their £16m valuation of Kieran Gibbs.