The stumbling block between the two sides is the transfer fee, with Real Madrid still demanding their 14 million Euros (£9.6 million) valuation.
Although The Teessiders want the skilful Geremi, they are refusing to pay that amount to the Spanish giants.
"He has done well for us and we would like him to continue," said Middlesbrough assistant manager Bill Beswick.
"But I think the club now approaches these things in a sensible manner and it will not be at any cost," Beswick told the clubs official website.
The African is under contract with Real until 2006 and they would be happy to see him return to Spain rather than offload him for a cut-price fee.
Boro do have first option to buy Geremi but his consistent form has alerted other Premiership sides.
With both clubs unwilling to back down the saga seems set to continue but Beswick is quick to state how big an impact the player has had on Teesside.
"He is well liked by the players and fans and alongside Jon Greening and George Boateng, he forms part of quite a formidable midfield trio."
