The Turkish giants have reportedly expressed an interest in the African stopper, who has failed to make his mark at San Siro since his arrival from Marseille in 2011
The 27-year-old defender joined Milan from Olympique de Marseille in the summer of 2011 but endured a frustrating first season at San Siro, spending the second half of the campaign on loan at Premier League club QPR.
And he is widely expected to leave the Rossoneri this summer after his name was omitted from the club's official list of squad numbers for the 2012-13 season.
Galatasaray have reportedly enquired about Taiwo's availability, as coach Fatih Terim aims to bolster his Super Lig champions.
It is believed, however, that the Turkish giants face stiff competition for the Nigerian's signature, with Benfica and Dynamo Kiev also credited with an interest in the player.