Souness rues Grabbi failure
Grabbi arrived at Ewood Park with a lofty reputation, and a hefty price tag, in a £6.75 million switch from Ternana in the summer of 2001.
The 28-year-old, though, has mustered just five goals in 41 appearances for Rovers and is due for talks regarding a return to his homeland.
Souness admits it was his decision to gamble on Grabbi's ability to shine in The Premiership, but concedes the forward struggled to adapt to the demands of English football.
"There is a club in Serie A in Italy who want to take over his contract," said Souness. "I believe that he will be speaking to this team over the weekend or his people will.
"I was the one who said ultimately yes we should sign him, but it's not worked out for him.
"He's disappointed. He's got the ability to play at the highest level but found the intensity of our league too much."
The Rovers boss also refuted suggestions that Andy Cole is on his way out of the club during January's transfer window due to losing his place in the starting line-up.
He added: "I don't know where that came from. Andy Cole has been out of the team because he was suspended.
"Young Paul Gallagher came in and did well and if they come in and do well they keep the shirt."
Souness also admitted he would be seeking to supplement his squad when the window reopens in the New Year.
"We're hoping we can get one player in," he continued. "I would like more as I think we are thin on the ground but I'm a realist and know what the finances are like at the moment."