Diamanti came close to join Chinese side Guangzhou this week in a reported nine million euros transfer deal, a move which would have seen the 30-year-old playmaker double his wages.
However, the Serie A club confirmed on Friday that the deal failed to materialise.
Bologna posted a letter sent to Guangzhou on their website which read: "We thank you for your interest in Alessandro Diamanti.
"Unfortunately, we have to inform you that due to the non-acceptance of our requests related
to the agreement, we are forced to stop the negotiation."
Bologna coach Davide Ballardini will be relieved to keep Diamanti, who is the team's joint-top scorer alongside Panagiotis Kone with four goals.
Bologna go into this weekend's encounter on the back of a 2-2 draw against Napoli that lifted the Rossoblu to 17th place.
Ballardini's men have collected just one win in their last 10 league games, a 1-0 triumph over Genoa on December 22.
Rivals Sampdoria go into the encounter at the Luigi Ferraris stadium on the back of a 4-2 defeat at Serie A leaders Juventus.
Despite the loss, which dropped Samp to 13th in the standings, club coach Sinisa Mihajlovic was satisfied with his team's performance.
"I was pleased that my players never stopped fighting and continued to play good football, which is not easy," Mihajlovic said. "I have a young team that came to the Juventus Stadium and scored two goals, forced several Gianluigi Buffon saves and hit the bar.
"That is not to be disregarded.
"We deserved to lose the game, but my players did their absolute best and we caused them problems."
The visitors will be without Kone, who is suspended, while Ballardini will have to watch the game from the stands as he serves a touchline ban.
Samp are without the services of defender Vasco Regini, who serves a one-match ban.