The killings have shocked and angered many in Turkey.Turkey has warned it may reduce economic and defence ties with Israel following the deadly raid on a Gaza aid flotilla.
Deputy PM Bulent Arinc said Ankara was "assessing deals with Israel", once its close ally.
Nine Turkish activists were killed when Israeli troops clashed with passengers on a ship trying to break its blockade of Gaza on Monday.
Another aid ship - the Rachel Corrie - is on its way to the Hamas-run enclave.
Israel has been widely criticised over the raid, which took place in international waters.
There are conflicting reports as to what happened - the activists say they were attacked, while Israel says its commandos were beaten, stabbed and shot at first.
Israel says it will not allow the ships to dock at Gaza, fearing the cargo might contain weapons and other items it wants to prevent reaching Hamas.
High emotionMr Arinc said on Friday that all military and economic deals made with Israel were now being re-evaluated, although he suggested no action would be taken immediately.
"We are serious about this subject," he told NTV broadcaster.
"We may plan to reduce our relations with Israel to a minimum, but to assume everything involving another country is stopped in an instant, to say we have crossed you out of our address book, is not the custom of our state."
The BBC's Jonathan Head in Istanbul says Mr Arinc has made it clear that there will be long-term consequences over what happened on the aid ships.
The government will be able to consider what action to take against Israel once the emotions of recent days - as Turkey mourns the dead activists - calms down, our correspondent says.
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