Leeds United's Mirco Antenucci has been linked with a number of clubs during the January transfer window.
Antenucci has been linked with a return to Italy, and it believed that he would like to head back to his homeland.
However, Cellino has seemingly ruled out an exit for the 31-year-old in January, as Leeds do not have enough time to bring in a replacement.
“I really don’t know what he is thinking,” the Italian owner said. “But now I think it is too late to get someone else for us.”
According to a report in the Mirror, Foggia are the Italian side closest to signing Antenucci, but any deal looks unlikely until the summer at the earliest.
Leeds have been trying to bring in forwards over January, but they have had no success so far.
As a result, Antenucci is set to miss out on the move he apparently wants, despite slipping down the pecking order more recently.
The clinical finisher has been overtaken in the selection order by Souleymane Doukara, and most his appearances of late have been as a substitute, ensuring he has been unable to make as much impact as he would have hoped.