The player is currently a "free agent" & will leave Bilbao at the end of the season free of transfer fee. The Italians believe that offering now 4M€ will convince Bilbao to think that better something now than nothing later. The figure of 4M€ is way below the true market value of the player which is in fact around the 20 - 25M€.
Bilbao may feel "offended" & decide not to sell. But the situation is totally their own fault as Basque Club did not sell earlier when offered around 20M€. Juventus will make a last attempt for Llorente this season & if this fails will go after Didier Drogba.
Stay tuned!
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