Venanzi told news outlet L'Avenir that Wolves, who are reportedly tracking 22-year-old Edmilson, will have to pay a "large amount" to secure his signature in the current transfer window.
"We want Junior to stay," the president said. "If he does not extend, we are prepared to let him go for free [next year].
"We can turn down offers. For example, we would not sell for €4m or €5m. We would only sit around the table for a large amount."
Edmilson has one year left on his deal with Liege, which the winger signed in 2016.