The Turk is currently boss of Turkish champions Galatasaray, who are in the last eight of the Champions League.
Tutto Mercato report that should Andrea Stramaccioni be fired by the Italian giants, then Terim could be among the contenders for the vacancy.
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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.