"The 21-year-old winger will spend 2015-16 with the Turkish club, who finished second in the Super Lig last term," Liverpool said in a statement on their website (www.liverpoolfc.com).
Markovic joined from Portuguese side Benfica in July 2014 for a fee reported to be around 20 million pounds ($34.03 million).
The highly-rated Serbian forward was one of a number of players brought in to offset the loss of talismanic forward Luis Suarez but he failed to live up to the lofty expectations, scoring just three goals in 34 appearances in all competitions.
Liverpool sit sixth in the Premier league with seven points from four games but suffered a shock 3-0 home defeat by West Ham United on Saturday.
(Reporting by Tom Hayward, editing by Ed Osmond)
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