The Argentine-born attacker has been strongly tipped to join Atletico Madrid, who are on the lookout for a new striker to compensate the sale of Sergio Aguero to Manchester City and the potential departure of Diego Forlan.
Osvaldo missed Espanyol's training session on Thursday morning without justification, and the club have announced they are considering taking disciplinary action against the 25-year-old.
"Espanyol is waiting to know all the details which led to his absence and consider the explanations of the player and those who represent him," a club statement reads.
"We will then study whether to apply disciplinary proceedings, according to the internal rulebook the players with a contract must respect."
Espanyol has reportedly set an asking price of 20 million euros for Osvaldo, with a representative from Roma expected to travel to Spain on Friday to initiate talks for the striker.
Osvaldo, who represented Italy on an Under-21 level, joined Espanyol last summer in a deal worth 4.6 million euros after a season on loan at the club from Bologna.
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