The Uruguayan playmaker joined the Saints from Bologna last summer, after the South Coast club fought off serious interest from Liverpool.
Despite arriving with a reputation as one of Italian football’s top talents, Ramirez has, so far, failed to justify his £12m price tag and has struggled to hold down a regular starting berth.
As a result, he is believed to be ready to leave the club.
A return to Serie A is thought to be his favoured option, with interest from various clubs high.
The likes of Napoli, Inter Milan and Lazio are all monitoring his situation, and could offer him an escape route this winter.
It is thought that the 22-year-old faces an uncertain future under Mauricio Pochettino, who is unconvinced by the South American’s abilities.
Ramirez is hopeful of making Uruguay’s squad for next summer’s World Cup.
In order to do so he must be playing regularly, which has convinced him to pursue a move.
Despite struggling in England, the attacking midfielder’s reputation remains high in Italy.
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