Gaston Ramirez's proposed move to Southampton has been put on hold following a dispute over finances between the two clubs.
Ramirez has been linked with a number of clubs during the summer, including Liverpool, Tottenham Hotspur and Inter Milan, but Southampton emerged as frontrunners in recent weeks.
However, Bologna president Albano Guaraldi revealed that the Premier League club have yet to meet their demands, although he admitted that he had promised to sell the 21-year-old.
"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. Our relationship with them remains a friendly one but both parties has conflicting demands," he said.
"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."
Ramirez has made nine appearances for the Uruguay national team since making his debut in 2010.
