Bologna general manager Roberto Zanzi says Liverpool and Manchester City target Gaston Ramirez is having talks with an important foreign club, but that an agreement over a fee for the winger has yet to be made.
The 21-year-old scored eight times in 28 starts for Bologna last season, in his second season at the Serie A club.
"We are negotiating with an important foreign club for Ramirez, but their offer does not satisfy us," Zanzi told Italian newspaper Il Resto del Carlino. "The deal is by no means close to completion."
Pablo Betancourt, Ramirez's agent says a fee of £20.2m, would be enough for Bologna to part with the winger.
"Bologna want 25m euros (£20.2m) for Ramirez but an agreement can be found," Betancourt told www.fcinternews.it.
"It is obvious that Bologna would do well from his sale. They would receive 70% whilst 30% would go to (Ramirez's former club) Penarol, as previously agreed.
"German club Wolfsburg have offered 15-18m euros for Ramirez whilst Zenit St Petersburg have expressed an interest."
Ramirez would complement Liverpool's Uruguayan contingent of Luis Suarez and Sebastian Coates, who have both achieved various degrees of success during their career on Merseyside.
With Liverpool having appointed a new manager in Brendan Rodgers, the club can now look towards building for the new season after the club finished eighth in the Premier League last season.
The club have already seen Dirk Kuyt leave for Fenerbahce, but will welcome back Joe Cole from his loan spell at Lille, with the England winger likely to press for a place in Rodgers's Anfield first-team.
The future of Alberto Aquiliani has yet to be decided, following his loan spell at AC Milan, while Rodgers will be hoping to welcome Lucas Leiva back from injury and praying that captain Steven Gerrard can regain full fitness following last season's problems.