The Black Cats have seen a move for the right-back stumble over personal terms despite agreeing a fee with Velez, but the 21-year-old has refused to rule out a dealVelez defender Gino Peruzzi could still complete a move to Sunderland after he confirmed he remains open to a switch.
The 21-year-old is reported to have snubbed the chance to join Paolo Di Canio's side after the two parties struggled to agree personal terms.
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He told Radio La Red: “My intention is to keep negotiating my contract with Sunderland. If they improve their offer, I won't rule it out.”
Peruzzi has made four international caps for Argentina and has previously been linked with a move to Serie A giants Inter.
Sunderland boss Di Canio has already been busy in the transfer market adding a number of new players, including Modibo Diakite, Cabral and Vito Mannone.