Bologna president Albano Guaraldi says there has been no progress in a deal to take Uruguayan midfielder Gaston Ramirez to Southampton.
Ramirez, 21, has been linked with several clubs this summer after an impressive Serie A campaign in 2011-12, including Inter Milan, Liverpool and Tottenham.
However, last week it emerged that it was Southampton who were leading the race for his signature, although that report has been followed by a week of confusion.
"The negotiations with Southampton are at a standstill because they haven't given us the financial guarantees we asked for and so we've put things on hold,'' Guaraldi told Sky Sport 24 reporters.
"Our relationship with them remains a friendly one but both parties has conflicting demands. Last year Ramirez was getting a bit restless and I promised that this year he would be sold, at a certain price.
"This year no such offer has arrived, the conditions have not been met. We carried on with negotiations regardless but we couldn't reach an agreement. At the moment we're trying to resolve the situation, but the two parties can't agree so the discomfort and nervousness is understandable.''
Guaraldi also revealed that the hold-up has caused Ramirez to threaten to never to play for the club again.
"He's very angry, Ramirez has told me that he's threatening not to play any more," Guaraldi said.
"I've tried talking to him, to explain the situation, that I can't sell him without guarantees. Footballers are often badly advised and in this case his agent has made moves without our knowledge."