The Daily Express says according to reports in Germany both teams have had Calhanoglu watched in recent weeks but could face competition from Galatasaray for the youngster.
HSV general manager Oliver Kreuzer wants to keep Calhanoglu but admits that a good offer could force them to sell.
Kreuzer told Hamburger Abendblatt: "Of course, every player has a price.
"We do not have any interest in selling him. Hakan is keen on making himself a name in the Bundesliga."
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