Arsenal are expected to make a move for the centre-back ahead of Thursday's deadline, but Wolves have made it complicated for the Gunners to sign Rugani.
The same article states Arsenal have already failed with a £15m bid and £25m offer for the Celtic left-back earlier in the summer transfer window.
Arsenal has been chasing after Tierney all summer and any bid tabled this week will be their third attempt to land the young defender.
"Obviously the window in England shuts on Thursday".
Even so, he's a decent player that it is in his prime years of his career, so he might be a decent back-up option to take a look at.
Rugani meanwhile, is happy to remain in Turin, with the defender keen to work under new boss Maurizio Sarri - who he enjoyed a good relationship with when he was his coach at Empoli.
The Gunners' initial £15m bid for Tierney was rejected in June.
When Celtic boss Neil Lennon was recently asked about the player's fitness, the said that Kieran Tierney is yet to recover fully and the left-back might be out of action for another eight months.
The Scottish global is solid defensively and a threat going forward while he's also comfortable playing in a back four or at wing-back so he'd be able to play in both of Emery's preferred systems if he does join Arsenal this summer.
"However, Celtic boss Neil Lennon has indicated that the Scotland worldwide is not close to making his return from a double hernia".
"Normally these things tend to happen again", he said.
"For certain individual players, the asking price hasn't been met and the clubs know what the asking price is".
"If we're talking about Arsenal, they have five or six days to come back in with a revised offer".
Arsenal's chances of landing Tierney could be boosted by the sale of Krystain Bielik - who completed a move to Derby on Friday for a fee that could eventually total £10m ($12m).