Turkish club eager to strengthen following last season's less than perfect run as they confirm talks over South American duo will take place with a view to completing the moves
New coach Fatih Terim made it clear he is actively seeking to bolster his squad after taking charge in Istanbul for a third spell.
And the club have confirmed they will open dialogue with the players and their respective clubs with a view to signing the pair.
A statement released by Galatasaray to the Turkish stock market reads:
"The club have started formal negotiations for Sao Paulo's Luis Fabiano and Lazio's Fernando Muslera. Further notifications will follow when there are developments."
Muslera, 25, is under contract at Lazio until next year and has already confirmed there is no chance of him staying beyond his 2012 deal, leaving the Italians ready to cash in early.
Fabiano, the 30-year-old Brazilian striker, looks set to return to Europe after leaving Spanish club Sevilla ealier this year in a €7.6 million move.
Lazio are close to signing Cagliari's Federico Marchetti as a replacement for Muslera. The Italian international is currently having his medical with the Rome-based outfit.