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 on Friday that 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."
The inability to sort out a deal has irked Ramirez, leading him to threaten not to play for the Rossoblu again.
"He's very angry, Ramirez has told me that he's threatening not to play any more," Guaraldi said.
"I've tried talking to him, to explain the situation, that I can't sell him without guarantees.
"Footballers are often badly advised and in this case his agent has made moves without our knowledge."
He added: "There has been no concrete proposal to date, there has been some contact from abroad, but we aren't prepared to let him go for less than a certain figure.
"If the conditions that we laid out at the start of the transfer window are met, the player will be sold, otherwise we wait.
"His price? Bologna are looking for 15million euros net."