Andrea Della Valle has revealed Juan Cuadrado will stay at Fiorentina, ending speculation of a potential move.
Brondby have re-signed Liverpool defender Daniel Agger for a fee in the region of £3million.
Gus MacPherson has left his job as Queen of the South manager after the club were relegated from the Irn-Bru First Division on Saturday.
A 3-1 defeat against Raith Rovers at Stark's Park consigned Queens to bottom place with 32 points from 35 games, having won just once away from home.
A statement on the club's website read: "The club would like to announce that Gus MacPherson and [assistant manager] Andy Millen have left the club with immediate effect.
"Both the club, Gus and Andy agreed that it was in the best interests of both parties that we make the change now.
"The directors of QoS would like to take this opportunity to thank Gus and Andy for all of their efforts in what has been a difficult season for all involved at the club. We wish them well for the future."
The former St Mirren management team took over at Palmerston in the summer of last year.