The 21-year-old is tied down to La Viola until 2023, and the Italian giants were believed to have been hopeful about their chances of getting him to commit his future to the club for longer.
However, with Europe's top clubs circling, Fiorentina owner Rocco Commisso has confirmed that Vlahovic will not be renewing his contract in Italy ahead of an expected transfer frenzy.
In a statement on Fiorentina's website, Commisso said: "When I arrived in Florence, I promised the fans that I would be up front with them and that I would never make promises that I couldn't keep.
"I would therefore like to update the Fiorentina fans on an issue that has been much talked and spoken about in recent months - the question of Dusan Vlahovic's contract. As you know, Fiorentina made a very significant offer to the player. Our proposal would have made him the highest-paid player in the history of the club.
"We also improved our offer on a number of occasions in order to accommodate the requests of both Dusan and his entourage. However, despite our efforts, those offers have not been accepted.
"During my time in Florence over the past few weeks, I have personally endeavoured to find a solution that would make both the player and the club happy, but I am disappointed to say that our efforts and attempts have not been rewarded.
"At this point, all that we can do is acknowledge the wishes of the player and his entourage and quickly identify feasible, appropriate solutions as we proceed with this exciting new season.
"In any case, Dusan Vlahovic has a contract linking him to Fiorentina for the next 21 months. We have no doubt that the player will - as he always has - do his bit to help the team achieve its objectives, showing the same level of professionalism he has shown since he arrived in Florence, with the utmost respect from our fans, his team-mates, the coach and the club as a whole."
Vlahovic - who boasts six goals from eight games already in the new season - would supposedly favour a move to Man City over Spurs when he ultimately leaves Fiorentina. body check tags ::