The 21-year-old has just one year left to run on his contract at the Artemio Franchi and was the subject of a swiftly-rejected €8 million offer from the Rossoneri earlier in the summer.
The Viola are eager to tie the Serbia international down to a new contract, but Menucci has conceded that anything could happen before the end of the transfer window.
"We're near the end of the market and are nearing the end of the story," he told the Corriere dello Sport.
"All possibilities are open. I am always optimistic and I'd like to see this deal being resolved for the best."
Meanwhile, Vincenzo Montella has admitted Ljajic's head could be turned by the speculation regarding his immediate future, given his age.
"Being young, it’s inevitable he could be affected by all this," Montella added.
Fiorentina kick off their 2013-14 campaign with a trip to Zurich to face Grasshopper in a Europa League on Thursday.