The 22-year-old is wanted by QPR and manager Harry Redknapp has admitted to be hopeful of finalising a deal for the highly-rated midfielder.
However, speaking after Rennes' Coupe De La Ligue semi-final win over Montpelllier, De Saint-Sernin suggested that there was competition from other Premier League clubs and from Russia.
"We are in negotiations with QPR, but since yesterday (Tuesday), other clubs have made requests," De Saint-Sernin told France 2.
"There are clubs from the former Soviet Union and England too. We will resume discussions tomorrow."
It is claimed Reading and Fulham could be the rivals to QPR in England, whilst it is reported the Russian clubs are Rubin Kazan and Zenit St Petersburg.
Also after the win at the Route-de-Lorient, M'Vila himself was asked whether he had just played his final 90-minutes for the club.
"Only God knows," he said.
"For now I am enjoying myself, we are in the final!"