Bologna signed the teenage full-back from Hearts in 2020 and the Scot has been a revelation in Italy over the last season, kicking on with his development.
He started 34 Serie A games last season and his performances have led to interest from several clubs in Europe ahead of the transfer window swinging open for business.
The 19-year-old is now being heavily linked with a move to the Premier League, with Aston Villa believed to be interested in him.
The Midlands club have been tracking him but it has been claimed that Villa have cooled their interest in Hickey.
Aston Villa have considered a swoop for Hickey, but were put off by the costs of doing a potential deal.
The Serie A club are believed to be asking for a fee north of £20m and Villa believe that is too much money for him.
Aston Villa are considering other targets and will not be making a move for Hickey unless Bologna decide to lower their demands.