The winger is on the lookout for a new club with his contract at Dnipro set to expire, but talks with Sevilla appear to have stalled.
Monchi was upbeat about his side's chances of signing Konoplyanka last week, although he admitted that "it is an issue that is not easy" to resolve.
But Monchi has now suggested the 25-year-old is unlikely to join Sevilla, who defeated Dnipro in this year's Europa League final.
"There has been no agreement," said Monchi at a media conference to unveil midfielder Michael Krohn-Dehli, who joined earlier this month.
News of Sevilla's lack of progress will alert the likes of Stoke, whose chairman Peter Coates told BBC Radio Stoke: "It's been going on for about 10 years already I think. And it's still going on so we will see where we get with it.
"Football is a bit messy at times and you have to accept that. You get a lot of irons in the fire, some work and some don't."
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