Blackburn Rovers are hoping Tugay will sign a new contract with the club in the next seven days.
Rovers' chief executive John Williams has drawn up a final offer for the former Rangers and Galatasaray star.
And his agent will present it to his client at a special meeting in Turkey next week as Rovers attempt to ward off interest from several rival clubs.
"I've discussed a final offer we can make to Tugay and his agent is travelling out to Turkey and they'll be discussing it next week," said Williams.
"We haven't given up on this one yet because we'd like to re-sign him if possible."
So far, Tugay has declined to sign a new contract because he's holding out for a two year deal and Rovers have only offered him one.
But I understand their latest offer may well be a one year contract with an option for a possible extension.
Several other clubs are also thought to be interested in the 33-year-old who was recently named Rovers' player of the year.
Portsmouth have been linked with the veteran playmaker and rumours in Turkey would suggest Galatasaray are also interested in re-signing him too.
In the meantime, Rovers made a formal bid for the Leicester City striker, Paul Dickov, yesterday and they are now awaiting a reply from the Foxes.
Dickov has spoken to a number of clubs about a move this summer - the latest being Everton - but the Scotland international is also refusing to rule out the possibility of staying with the Foxes next season and until he's spoken to Micky
Adams, Leicester City are unlikely to accept any offers.
"Paul spoke to Blackburn Rovers earlier this week and he was up at Everton yesterday," said Adams.
"He has had talks with a number of clubs, but he is aware that we want to keep him here.
"I am in constant contact with him and we shall have to wait and see what happens."
Meanwhile, Rovers are still waiting to hear from Tromso regarding their interest in Morten Gamst Pedersen.
Rovers have made it known how much they are willing to pay for the 22-year-old winger and the club are now waiting for a sign to indicate whether Tromso are ready to sell or not.
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