Bologna have made an improved £4.8 million bid for Calvin Ramsay.
The Serie A side have come back in for the Aberdeen defender.
They are now waiting to see if it is enough to get the Dons to accept.
Aberdeen, however, are unlikely to jump into anything with several English Premier League clubs now looking at the situation.
The likes of Tottenham Hotspur, Leeds United, Leicester City and Manchester United are all watching the situation closely.
Aberdeen know they will net a club record fee for Ramsay and it is all about whether they can maximise their fee in this window.
Bologna have already had success in the Scottish market with the signing of Aaron Hickey from Hearts.
Aberdeen have been resolute in their demands so far and boss Stephen Glass admitted he wants to hold on to their best players
He said:: "I'm hopeful. We want to keep our best players at the club but the club's in total control of all those situations
