Estudiantes are resigned to losing Marcos Rojo once his loan from Manchester United expires.
Rojo wants to stay with his boyhood club in Argentina, but they have baulked at United's £12m asking price.
And with an agreement not close, Rojo will return to Old Trafford this summer.
"We have to wait, but Rojo is likely to leave," manager Leandro Desabato told Radio Late 931.
"The loan is due, and if Manchester do not want to continue loaning, it's understandable."