Bologna are demanding £16m for attacking midfielder Gaston Ramirez, according to the club's president Albano Guaraldi.
Liverpool and Manchester City are believed to be leading the chase for the 21-year-old, who scored eight goals in Serie A last season.
The agent of the Uruguay international had previously claimed that the Italian club were looking for a fee in the region of £20.2m.
However, those reports now look to be wide of the mark after Guaraldi confirmed that Ramirez will not be allowed to leave for less than £16m.
"There is no intention to sell Ramirez for a bid lower than his value, which we estimate at around £16m," Guaraldi told Sky Sport 24. "But the economic fate of Bologna next season does not depend on the sale of Ramirez."
Ramirez joined Bologna from Penarol in 2010.
