Aykut Kocaman's side have seemingly given up on signing the Morocco international, claiming both the player and Montpellier have been inconsistent in their demands
The Turkish outfit suggested they had agreed personal terms with the 22-year-old in mid-January, but it appears Belhanda changed his salary demands.
The Ligue 1 champions have also driven a hard bargain in terms of a possible transfer fee, with little pressure to sell having raised around €8 million from captain Mapou Yanga-Mbiwa's move to Newcastle.
"Due to the constant change in demands from both the club and player, we have decided to withdraw from negotiations," read a statement on the Super Lig club's website.
Belhanda was instrumental as la Paillade secured a surprise Ligue 1 title last season, scoring 12 goals and setting up a further six.
Rene Girard's side sit ninth in the table this year and are 13 points behind league leaders Paris Saint-Germain.