The Dutchman has been frozen out at Inter amid a contract wrangle, with the club keen to get him off their wage bill.
The Turkish giants are looking to make a marquee signing during the January transfer window and Sneijder would fit the bill.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.