The Italian veteran has been linked with the Sky Blues this week as they look to bring him in as a marquee player following his recent departure from a brilliant career with Juventus.
Pignata confirmed that negotiations regarding a potential deal for the 37-year old World Cup winner were ongoing.
“We are still in talks to bring Alessandro Del Piero to Sydney FC,” said Pignata. “Last night we held further talks, which were positive, and we are due to speak later tonight.
“Alessandro is adamant he wants to leave a legacy for football and we have been going through what Sydney FC and Australian football has to offer and the potential for him to achieve that goal.
“We are hoping to get an answer in the next day or two.”