The 18-year-old defender's agent, Vlado Borozan, is adamant his client is happy in Italy, and will still be playing with the Serie A club next season after recently breaking into their first-team.
"But in June he will remain at Bologna and he will continue his growth path."
Roberto Mancini is keen to bring the Serbian youth international to the Etihad Stadium, and has already had the talented teenager - who made his Bologna debut in Wednesday's Coppa Italia win over Livorno - watched by Manchester City scouts.
The reigning Premier League champions might have to be patient in their attempts to seal Radakovic's signature, though, with Borozan determined to protect the player's interests.
"Yesterday, Uros made his Bologna debut and has shown he will have a great future," he added. "He has great room for improvement and he is destined to make a great career."
City already have a couple of Serbian stars in their first-team squad, with Aleksander Kolarov and Matija Nastasic currently enjoying runs in Mancini's side, and their presence could play a part in convincing Radakovic to move to England in the future.