Numerous clubs are believed to have put offers to the 31-year-old this summer, but he has revealed that his preference is to take on a new challenge in Serie A.
Santa Cruz told Corriere dello Sport: "We are one step away from a positive solution.
"I think the talks with Bologna will have a positive ending. I have every confidence there will be no major problems.
"I have already told the German club (that were interested) that my first choice is Bologna.
"I like their offer and the economic aspect is not essential for me. I'm more interested in the way of life for me and my family, and Bologna is a beautiful city."