Chelsea are the hot favourites to sign Javier Pastore, as Palermo set a deadline of Tuesday to evaluate proposals.
The 22-year-old Argentine has been slapped with a €50m price-tag, although that could be lowered with negotiations.
Although Milan, Roma, Real Madrid and Manchester City have also been linked, the most likely candidates are Chelsea.
Sky Sport Italia claim Milan are still in the running, but the Stamford Bridge side have the upper hand.
Palermo President Maurizio Zamparini confirmed on Friday that decision time was extremely close.
“I cannot say who has the advantage between Chelsea, Manchester City or Roma. I can only underline that I'm interested in cash deals,” Zamparini told the Gazzetta dello Sport.
“We are at the final stages and will evaluate the offers on Tuesday. When we see which the real proposals are, then we can go forward.”