It is understood a fee and payment plan has been negotiated for the 21-year-old winger, who has won nine caps for Uruguay and is reported to be commanding a club-record fee of £12 million.
Former club Penarol, who own 30 per cent of his registration, are also satisfied by the terms of the agreement.
However, it is understood cash-strapped Bologna are stalling as they seek to secure a loan against the repayments.
Southampton are determined for the transfer to proceed having beaten off competition from Liverpool and Tottenham for Ramirez, but are looking at other options in case the deal collapses.
