Palermo chief Maurizio Zamparini claims three Premier League sides are chasing highly-rated youngster Javier Pastore, while Spanish clubs are leading the race for his signature.
The president says there is a '90 per cent chance' Pastore will leave, but insists if his future is not resolved within the next 15 days, before the end of the Copa America, then the Argentine playmaker will remain at the Serie A side.
Both Manchester clubs and Chelsea are reported to be looking to land the 22-year-old, who Zamparini has previously stated will not leave Palermo for less than €50million (£45.1m).
However, it is Real Madrid and Malaga that the president claims are favourites to capture the youngster, who is contracted at the Stadio Renzo Barbera until June 2015.
Barcelona have also been linked with Pastore but Zamparini does not expect him to join the European champions, insisting they do not have a place for him in their midfield.
And he has all but ruled out letting the Argentina international go to a rival Italian club.
He told Gr Parlamento: "The situation of (Javier) Pastore is in the hands of his agent.
"We must solve it within 15 days, before the end of the Copa America, otherwise Pastore stays with us.
"However, there's a 90 per cent chance that he'll go away, because it is the desire of the player. That is normal when you know that certain clubs want you.
He added: "Pastore will go to England or Spain, but I'd exclude Barcelona, because they already have (Andres) Iniesta and Xavi in that position.
"The favourites are Real Madrid and Malaga. Manchester City are also interested in him, as well as Manchester United and Chelsea.
"I'm sorry to let him go, because he is the only world-beater that I have had (at the club) as president."
Champions AC Milan and Serie A rivals Juventus have also been linked with the midfielder, but Zamparini has played down the prospect of an Italian move.
"In Italy at the moment there is no money for the champions," he said.
"Big clubs spend almost all the money on players' salaries, which are not compatible with this football.
"Juventus? They had come forward before the arrival of (coach, Antonio) Conte, but Pastore isn't suitable to their type of game."