The club’s director Miguel Angel Gomez told the Spanish media that Everton’s €5-6m valuation is out of their reach.
“Sandro belongs to Everton, and you have already seen published that they intend to transfer him for around €5-6m,” Gomez told Cadena SER.
“Those are figures that Real Valladolid cannot afford. The boy is tremendously committed to the team; he is very happy here in Valladolid and managed to break his bad streak.
“We have the feeling that this season will end with three to four more goals, but his situation is complex because of the requests to which his home club aspires.
“I do not know exactly the will of Sandro, although he is happy here, but he belongs to another club and must be respected. The boy respects his contract and knows he has to come back.”
24-year-old Ramirez has spent two seasons back in Spain on loan having failed to impress at Everton.
Everton signed Sandro from Malaga in 2017 after triggering his €6m (£5.4m) release clause.
In two seasons at Goodison Park he managed only 16 appearances, leading to three loan spells in La Liga.
The Toffees will attempt to offload the former Spain under-21 forward permanently this summer.