AC Milan stopped short of issuing an ultimatum to Gianluigi Donnarumma but sporting director Massimiliano Mirabelli said he hopes to hear a decision on the teenage sensation's future "in the next 48 hours".
Having previously announced his intention not to pen a renewal with his contract due to expire in 2018, Italy international Donnarumma is now close to re-signing.
On Tuesday, Milan CEO Marco Fassone revealed the 18-year-old goalkeeper was "very close" to signing a new contract, though he admitted to complications with agent Mino Raiola.
Mirabelli said Milan cannot wait much longer for Donnarumma, who is attracting interest from Juventus, Real Madrid, Manchester United, Barcelona and Paris Saint-Germain, as they prepare for a return to Europe via the Europa League.
"Gigio knows what our position is," Mirabelli told Premium Sport.
"He knows what we've offered. We'll wait, but not too long. We need to know where we are.
"On the 27th we'll go to play what we've achieved after several years, i.e the Europa League, and we need to have clear ideas about that role.
"We don't have it now, so we hope to in the next 48 hours. It's not an ultimatum, but we're going forward and there's more risk of having an incomplete Milan in great difficulty.
"We're waiting for a response soon."
Donnarumma has establishing himself as Milan's undisputed number one since debuting as a 16-year-old, featuring in all 38 Serie A matches last season.