Bologna general director Roberto Zanzi has revealed they are in talks with 'an important foreign club' regarding Gaston Ramirez, but insists a deal is not close to being finalised.
Ramirez joined Bologna from Penarol in 2010 and scored eight goals in 33 league appearances last season to help the Rossoblu finish ninth in Serie A.
He is under contract with Bologna until June 2016 but his performances have not gone unnoticed and a number of clubs are thought to have been keeping tabs on his situation.
The 21-year-old's agent, Pablo Betancourt, revealed at the start of the month that Manchester City, Wolfsburg and Juventus were all interested in securing his services, while Liverpool have also been linked.
Bologna have placed a price tag of over £20million on Ramirez and Zanzi says the offer they have received is not acceptable.
"We are negotiating with an important foreign club for Ramirez," Zanzi said to Italian newspaper Il Resto del Carlino. "But their offer does not satisfy us.
"The deal is by no means close to completion."