Former Portsmouth and Leicester owner Mandaric is understood to have agreed terms to buy Wednesday.
However, speaking to the Italian media, he confirmed that he would look at Bologna's situation if a deal for the Owls failed to materialise.
"I know the situation of Bologna thanks to an intermediary," he told the Gazzetta dello Sport.
"It's really complex, but Italian football fascinates me. Anyway, my priority is to buy Sheffield Wednesday, a negotiation I want to close by December 15th. In case of a negative end, after that date I could evaluate Bologna."