The 27-year-old is currently available as a free agent after leaving AC Milan once his contract expired at the end of last season.
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Jovic has been subject to interest from clubs across the Atlantic Ocean with Cruz Azul and Seattle Sounders both linked with a move.
According to ESPN, he has turned down the two clubs, instead deciding to prioritise remaining in Europe for family reasons.
The former Real Madrid forward is now expected to return to Spain and join La Liga new boys Real Oviedo ahead of the 2025-26 season.