D'Amico revealed Tuesday that he received a substantial offer from an unnamed Chinese team, but said Toronto FC may be reluctant to let the 2015 Major League Soccer MVP leave.
"He received a huge offer from China," he said in an interview with Sky Sport Italia, according to ESPN FC. "We need to analyze the situation. But it won't be easy to make Toronto let him go.
"We received an important offer from China and we'll talk to Toronto to decide, along with Sebastian, what to do."
Toronto FC, however, insisted there has been no contact with club officials regarding an offer, according to Neil Davidson of The Canadian Press.
Meanwhile, Giovinco, upon his first meeting with local reporters since TFC's MLS Cup final loss to the Seattle Sounders last month, stated that he is content with life in Toronto.
"When I was back in Italy my friends ask me about MLS," he said, according to Kristian Jack of TSN. "I say I am happy, I like it here."
A source also revealed to ESPN FC that there has been no contact with MLS's head office, which holds Giovinco's contract, along with all other player contracts.
Interest from China is hardly surprising considering Giovinco's impact since his arrival from Juventus. During his two seasons in Canada, the 29-year-old has amassed 39 goals and 31 assists in the regular season, and another four goals and four assists in the playoffs.