Saints have at last reached an agreement with Bologna for Gaston Ramirez, according to various reports in Italy.
The clubs are said to be close to finalising a €14m deal, which would see the 21-year-old forward become the most expensive player in Saints history.
Negotiations appeared to have broken down last week, with Bologna indicating their demands had not been met.
However, it is being reported that talks began again over the weekend, with Saints tabling an acceptable offer in principle.
Uruguayan international Ramirez, who has already indicated that he has agreed terms at St Mary's, could complete the formalities of his move in the coming days, assuming the clubs can now finalise things between each other.
The deal will reportedly see Saints pay Serie A side Bologna €14m, while Ramirez's former club Penarol, who own 30 per cent of the player, will be given 30 per cent of any future sale.