The Uruguayan has only been in the Premier League for one season, making 26 appearances in the English top flight last term following a £12 million switch from Bologna.
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He told Ilsussidiario.net: "I have not personally had any contact with Inter but there could well have been discussions between the clubs.
"Should it be possible? I'm convinced that everything can be done if there is the money to do it. For Ramirez, the English side made a big sacrifice, so if Inter like him they will have to pay a big sum.
"Italy is in Ramirez's heart but I don't like talking about things that are not concrete. Should there be an offer, then we will evaluate."
Ramirez, who has been capped on 20 occasions by Uruguay, scored five goals for Southampton last season.