Bologna, who finished 14th in the Italian Serie A last season, tabled a 400,000 euros one-year loan bid for the 22-year-old international. If the transfer was made permanent, Zamalek would be paid another 600,000 euros.
The Egypt Cup holders, however, were unwilling to accept less than a fee of 4 million euros to let go of Fathi, who scored five goals and assisted another three in the Egyptian premier league this season.
It is not the first time a Serie A club become linked with Fathi, with Italian publication Tuttomercatoweb previously reporting that Inter Milan and Empoli were both interested in his services back in January.
Renowned of his outstanding dribbling skills and ability to evade opponents in one-on-one situations, Fathi is particularly dangerous when cutting inside from the right and striking towards goal with his left foot.
Fathi, who was promoted by ex-Zamalek manager Mido in his first stint at the club's helm in the second half of the 2013-14 season, joined the squad from lower-tier side Nabaroh in 2013.
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