The 21-year-old was initially thought to be missing out on a move to St Mary's after reports emerged claiming that a potential deal had come to a halt.
Despite doubts over the proposed switch, it is understood that a transfer has been finalised, according to reports in Italy.
Earlier today Saints boss Nigel Adkins said: "The deadline is 11 o'clock tonight so we are very optimistic and hopeful. A lot of work has gone into this deal, and we're very, very close."
Ramirez competed for Uruguay in the London Olympic Games earlier this summer.