Bologna president Albano Guaraldi insists that midfielder Gaston Ramirez is still far from close to a switch to Southampton and criticised the Uruguayan's recent behaviour.
Ramirez, 21, had insisted that he was keen on a move to the South Coast and that an agreement had been reached in principal with the Italian side for his signature.
The claims, which came as a shock on Friday morning, have since been denied by Bologna's president, who dismissed reports that he would sell Ramirez for the €15 million fee quoted.
"Ramirez is contracted to Bologna and the club will decide upon his future, not the player himself," Guaraldi said.
"Ramirez's behaviour is totally unacceptable, giving open interviews like that without consulting us. Gaston cannot force my hand with two interviews. I am a serious person and I've already said it will take ¬20m to sell him. And I also told his agent."
Southampton manager Nigel Adkins had earlier refused to comment on the validity of the reports in Italy, but was visibly excited by the prospect of working with the youngster.
Adkins told a press conference: "It looks exciting, doesn't it? I think he has come out in Italy and said it is already sorted, but I think you'll find the policy of the football club is until the player has signed on the dotted line and we announce it then really we try to do everything privately. We have been consistent with that over the years and we'll probably stay that way.
"If it is true, then it obviously shows the ambition of the football club. I know the chairman, Nicola Cortese, is very ambitious here and it is great."
Ramirez scored eight goals in 28 apperances in Serie A last season before taking part in this summer's Olympic Games in London, as Uruguay crashed out at the Group Stage.