The Istanbul giants do not have the funds to sign the 22-year-old Morocco international, according to the French Ligue 1 club's owner
The Turkish side informed the country's stock exchange that they had begun negotiations over a move, but Nicollin ruled out any potential deal.
"Turkey is complicated [for financial reasons], he will not go there, it is not possible," he told L'Equipe.
The 22-year-old playmaker has long been linked with a move away from the French champions after playing a key role in their title triumph last season.
North London duo Tottenham and Arsenal have often been credited with an interest, but the Istanbul giants had been eager to bring him on board as they look to make a push for the Champions League places in the Super Lig.
But the Montpellier owner says he now does not know who the Moroccan will sign for.
"He has a green light to go, but apart from Turkey, I do not know who wants him," Nicollin continued.
"I always sell my players to England or Germany, not other countries. Even Spain, apart from Barcelona and Real Madrid."
The latest developments come after Fener vice-president Abdullah Kigili revealed last week that they had an agreement in place with the player.
Belhanda is currently with Morocco at the Africa Cup of Nations. He came through the ranks at Stade de la Mosson, and has been a fixture in their first team since making his debut in 2009.