The agent of Gaston Ramirez claims transfer talks with Southampton have broken down and that it is unlikely his client will now be heading for England.
The Saints appeared to have pulled off quite a coup when they agreed a club record fee with Bologna for the highly-rated forward.
The Premier League new boys were prepared to part with £11.8million for the Uruguay international, who has been interesting some of Europe's top clubs.
It would, however, appear as though they have been unable to complete a notable capture, with financial troubles at Bologna posing a problem.
Ramirez's representative says the Saints have now turned their attention elsewhere after failing to reach an agreement.
Oscar Betancourt has also sought to distance the 21-year-old from reports suggesting Tottenham or Liverpool could step in.
"The negotiations with Southampton have ended," he told calciomercatoweb.it.
"I have spoken today (Wednesday) with the English club's chairman and they are looking at another target.
"Bologna didn't want to close the deal without the bank guarantees.
"The player was very happy with the offer received, but now he will probably remain at Bologna.
"Tottenham is an option to be rejected at this time because they are a long way short of Bologna's demands.
"Liverpool? They have never presented a concrete offer."