The 29-year-old Elmander, who scored 10 goals for Bolton this season, will
receive an annual salary of €1.8 million (2.6 million).
Elmander moved to Bolton for a club record fee of £11 million ($18 million) in June 2008. While he hit a rich vein of form for a couple of months in the 2010-2011 season, it was insufficient for him to win a new contract at the Trotters.
Bolton finished the season in familiar fashion securing mid-stable stability while Elmander's new club could finish only eighth in the Turkish league, missing out on a place in European competition next season.
Elmander could be the first of a slew of Swedish stars to move clubs during the summer, with Galatasaray also having been linked with midfielder Kim Källström, currently with French club Lyon.
The Local reported last week that Zlatan Ibrahimovic's agent Mino Raiola had played down reports linking his client with a switch back to Spain's La Liga.
Ibrahimovic only moved to AC Milan at the beginning of this season, following one year at Barcelona.
But reports have suggested his former Inter Milan coaches Jose Mourinho, now at Real, and Roberto Mancini, currently the Manchester City boss, are interested in renewing their professional association with the 29-year-old.
Raiola, though, says it's possible Ibrahimovic will finish his career at Milan.
"I'm not ruling out the possibility that Milan will be Ibrahimovic's last team," he told Roman radio station Radio Radio.
But with a slew of top English clubs all announcing plans for major changes in personnel this summer, and Real Madrid keen to close the gap on Barcelona, speculation is set to remain rife that the tall Swede may find himself with a new home for next season.