Livorno chief Aldo Spinelli said the club had already contacted the players agent, Richard Motzkin, but had to work through some options.
"We spoke with (Donovan agent Richard Motzkin), but the transfer fee is too high," Spinelli told Soccer365.
"The only solution could be that some sponsors could invest to bring the player to the Italian Serie A TIM.
"We will work with our people in the U.S. to try to figure out all the picture before November, in order to have the player in January.
"We spoke with Mr. Clark's manager, Mr. Motzkin, in order to find an agreement to bring the player to Leghorn (the English translation of Livorno), Italy."
Spinelli was confident that Donovan would serve the club well if he happened to make the move.
"We are positive that Mr. Donovan will be of great support in the Serie A because he has great potential, and now, a solid maturity to be a big player in our championship,” he added.