The 21-year-old winger has been the subject of speculation this summer after impressing in Serie A, leading to links with Inter Milan, Liverpool and Tottenham. However, Premier League new boys Southampton stole a march on their rivals and had looked set to secure the Uruguay international's signature last week.
The transfer has become rather farcical since then with claim and counter claim from different parties, with Bologna president Guaraldi saying any deal is on hold.
"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," he 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."