Kobe Bryant and Virtus Bologna released a press release on Monday to update the public on their negotiations.

On Friday, Bologna President Claudio Sabatini said he had reached a tentative agreement with Bryant's agent Rob Pelinka on a 10-game contract worth more than $3 million.

"Virtus Pallacanestro Bologna and the management of Mr. Bryant are working very intensely to try and create this important deal," the two parties said in a joint statement Monday. "Reaching such a complex deal requires both sides' maximum attention for every little detail.

"Everyone wants a positive outcome to the deal, the goal of which is Kobe Bryant's presence in Italy, economic interests for the 17 clubs in Serie A and more attention for all of Italian basketball."