A non-contact Fourier transform interferometric imaging system was used to collect hyperspectral images of the steady-state diffuse reflectance from a point source in turbid media for the spectral range of 550-850 nm. Steady-state diffuse reflectance profiles were generated from the hyperspectral images, and partial least-squares (PLS) regression was performed on the diffuse reflectance profiles to quantify absorption (μa) and reduced scattering (μ′s) properties of turbid media. The feasibility of using PLS regression to predict optical properties was examined for two different sets of spatially-resolved diffuse reflectance data. One set of data was collected from 40 turbid phantoms, while the second set was generated by convolving Monte Carlo simulations with the instrument response of the imaging system. Study results show that PLS prediction of μa and μ′s was accurate to within ±8% and ±5%, respectively, when the model was trained on turbid phantom data. Moreover, PLS prediction of optical properties was considerably faster and more efficient than direct least-squares fitting of spatially-resolved profiles. When the PLS model was trained on Monte Carlo simulated data and subsequently used to predict μa and μ′s from the diffuse reflectance of turbid phantom, the percent accuracies degraded to ±12% and ±5%, respectively. These accuracy values are applicable to homogenous, semi-infinite turbid phantoms with optical property ranges comparable to tissues.