Rangers have been linked with the Bologna star during the January transfer window with Giovanni van Bronckhorst reportedly keen to add more attacking width to his team.
Over the weekend reports suggested that a move to Belgian giants Club Brugge was “gaining momentum”.
The move to Belgium is said to be the player’s preference with Rangers, Hertha Berlin, Torino and Copenhagen all touted as possible options.
Yet the 22-year-old’s future took a twist when Bologna boss Sinisa Mihajlovic addressed the player’s future ahead of Monday’s match against Napoli.
“Skov Olsen is doing well,” he said.
“We have many solutions. I still don’t know how and who I will play, but on Skov I know I can count on two roles.
“I choose the players with the sporting director, but it is always me who decides if there is a need (to sell) and who must be taken, together with the sports director.”