Fiorentina president Rocco Commisso has admitted that the club are struggling to agree a new contract with Dusan Vlahovic.
Arsenal have been linked with the Serbian striker, as have Liverpool.
Vlahovic, 21, was touted for a move to the Premier League during the summer transfer window and reports in Italy suggest he could move in January if he does not sign a new deal.
Commisso says the player has been offered lucrative terms to stay in Florence but has so far refused to re-sign.
“I don’t know if he’ll sign, let’s all just stay calm,” Commisso said, as reported by the Express.
“We’ve been working on it for months, some days are more positive than others. I speak to Dusan and he says he’s only focusing on the pitch and I should talk to his agents, then I talk to his agents and they say I have to speak to the player.
“His agent should come to Florence, he is the one doing the negotiations. What I will say is that this would be the highest salary ever given to a Fiorentina player, including Gabriel Batistuta and Manuel Rui Costa.
“I told Dusan that he is taking a huge risk not signing this deal. We are offering him a five-year contract worth €40m.
“I had to work a whole year to earn what he would in two or three days. I don’t know how football reached this stage.”