Spurs boss Andre Villas-Boas is looking to strengthen in the striker department this summer, with Jermain Defoe and rookie Harry Kane the only frontmen on the club's books, while efforts to sign Emmanuel Adebayor and Leandro Damiao have so far failed.
Ramirez's agent, Pablo Betancourt, claims the deal did not go through because Spurs did not offer the Uruguay international a high enough wage.
However, he believes the north London club could raise their bid if they sell wantaway playmaker Luka Modric.
"The only solid offer is the one from Tottenham, who offered €16million [£12.6m]," Betancourt told Calciomercato.
"But the deal didn't go through because Spurs offered too low a wage to the player and if the wage difference is minimal he would stay at Bologna.
"Tottenham could raise their offer if they sell Modric and in that case the deal could be done, otherwise Ramirez will stay another year at Bologna."
Liverpool and Inter Milan have also been linked with the forward but the agent added: "We also talked with Liverpool but nothing more.
"Inter Milan are interested in the player, but cannot afford to offer cash like the teams in the Premier League."