The Super Lig champions had been linked with the Uruguayan star this summer, but have had their bid turned down by the club's chairmanPalermo chairman Maurizio Zamparini has revealed that he rejected Galatasaray's €12 million bid for Uruguayan striker Abel Hernandez.
The 22-year-old joined the Rosanero in 2009 from Penarol, and has gone on to score 16 goals in Serie A from 69 appearances.
The Turkish champions were looking to bolster their squad ahead of the Champions League group stage, and had earmarked Hernandez as a potential signing, only for Zamparini to reject their advances.
"A week ago, we rejected a €12 million offer from Galatasaray for Hernandez." the chairman was quoted as saying by the Giornale di Sicilia.
"I want to keep Abel. His manager Giuseppe Sannino and I am sure he will do great things."
Palermo open their Serie A campaign at home to Napoli on Sunday at 20:45CET.