Bologna's general manager, Roberto Zanzi, has revealed the Italian club are negotiating the sale of reported Manchester City target Gaston Ramirez with "an important foreign club".
Coveted playmaker Ramirez has been linked with a string of top sides and his agent, Pablo Betancourt, previously stated that it was "very probable" the Uruguay international would move on.
City, Liverpool, Juventus and Tottenham are all believed to have shown an interest in Ramirez and, although Zanzi would not name the club he was talking to, he did reveal they would have to increase their offer.
"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."
Earlier this month, Bologna placed a price tag of over £20 million on the 21-year-old Ramirez, who is under contract with the club until June 2016.
City boss Roberto Mancini revealed himself to be a fan of the South American last month, saying: "Ramirez is a good young player, with great potential."
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.