Chelsea are reportedly keen on signing the Colombia international, while Manchester United and Barcelona were both linked with Cuadrado after last year's World Cup.
Cuadrado has a contract with Fiorentina until June 2019 and with the 26-year-old locked down for over four years, the Serie A outfit are not interested in cheeky offers.
"Cuadrado is a fantastic player," Montella told Sky Sports.
"His situation is very, very easy. In his contract there is an escape [release] clause.
"If, of course, another team will pay this amount, in this situation, he can leave Fiorentina."
Montella remains confident that Cuadrado, who started all five of Colombia's matches at Brazil 2014, would want to stay at Fiorentina even if the release clause was met.
"The clause says £35 million and only in this situation is it possible to buy. But I have not spoken to him about it," the coach conceded.
Cuadrado impressed at the World Cup, scoring one goal and setting up another four before Colombia were eliminated in the quarter-finals by the host nation.
The former Lecce and Udinese man has continued that form in Serie A this term, scoring four goals and notching three assists in 17 matches for Fiorentina, who are sixth in the Italian top flight.
