Yesterday afternoon, Galatasaray had announced that they were "exchanging ideas" with the former Manchester United boss, despite prioritising Germany boss Joachim Low and USA coach Jurgen Klinsmann as their primary targets.
However, this morning, the Daily Mirror reported that Moyes is set to land the manager's role at the Turkish club on a £3.2 million-a-year deal.
Should he take the job, the Scot would replace former Manchester City boss Roberto Mancini, who left Galatasaray in June after just eight months in charge.
Reports suggest Moyes will have little money to spend in Turkey... But guess what? Galatasaray are in the Champions League next season.
Last term, when the ex-Everton boss took over at Old Trafford, his minimum brief was to qualify for Europe's elite tournament. In the end, Manchester United finished seventh after Moyes was unceremoniously axed.
Now, though, the 51-year-old could find himself in the Champions League group stages for the second season running, while United will only have domestic football to contend with next campaign.
Football's a funny old game, isn't it?
In the tournament itself, Moyes could not be said to have disgraced himself, reaching the quarter-finals after a memorable last-16 comeback against Olympiakos and only being knocked out by defending champions Bayern Munich.
But it will leave a bitter taste in the mouth of Man United fans if the Scot ends up back in the Champions League when the club spend their first season outside of it since 1995, considering it was Moyes' leadership that saw them miss out on a place in the top four.
In 51 games as United boss, the 51-year-old won 27, drew nine and lost 15. His record in Manchester speaks for himself.
Moyes' valuable Champions League experience at the club, though, could provide him with the boost he needs to take Galatasaray forward. After all, a quarter-final finish for Moyes this time around will surely be seen as a significant achievement for the Turkish club, who were knocked out at the last-16 stage by Chelsea last term.