The Uruguay international has been strongly linked with a move away from Bologna this summer and is a reported target of Manchester City, Liverpool and Juventus.
"We are negotiating with an important foreign club for Ramirez," Zanzi said to Italian newspaper Il Resto del Carlino. "But their offer does not satisfy us.
"The deal is by no means close to completion."
Earlier this month, Bologna placed a price tag of over £20million on the 21-year-old Ramirez.
Ramirez joined Bologna from Penarol in 2010 and scored eight goals in 33 league appearances last season to help the Rossoblu finish ninth in Serie A.
The South American is under contract with Bologna until June 2016.