The A-League club also confirmed that a deal was unlikely without 'the financial contribution of an external third-party'.
"To ensure that there is no distraction to the A-League squad in preparing for this weekend’s match vs. Melbourne City; Usain Bolt will not attend team training this week, until and if, the Club and Usain Bolt can agree to terms and formalise an arrangement," the Mariners said in a statement.
"There are two main terms of discussion involved in this negotiation: football and commercial.
"Regarding the football terms of the negotiations, Usain has made great progression during his time on the Central Coast and we feel that he will improve further with more individual intensive training and competitive game time.
"We are looking at ways to do this as the Club does not have the luxury to be able to do this in the A-League."
There has been some talk about the Mariners playing Bolt in the Y-League, the national youth league, which does not start until November 10 for the Mariners.
"Regarding the commercial terms of the negotiations, Usain Bolt’s management and the Central Coast Mariners are in conversations with external partners to find a commercial solution that suits all parties.
"It is important to note, that contract values speculated in the media are incorrect. Without the financial contribution of an external third-party, it is unlikely that Usain Bolt and the Central Coast Mariners will agree to terms."
Football Federation Australia have been reluctant to contribute to the deal for the retired sprinter, refusing to dip into their marquee player fund.
"There’s no funding from the marquee fund as we said from day one because the marquee fund has secured people like Keisuke Honda and Sam Kerr with football pedigree and Usain Bolt has yet to become a professional footballer anywhere in the world," A-League boss Greg O'Rourke said yesterday.
"There were some marketing conversations about contributions towards attendances at games, appearance fees if you like, but as for funding him as a footballer then the FFA has been consistent in that they won’t fund him. That won’t change."
The Mariners remain hopeful of securing a deal.
"Both parties are eager to explore all options and ensure that if there is a suitable way forward for both player and Club, the two parties will keep working together and formalise an agreement," the Mariners statement said.
"The Central Coast Mariners want to ensure that Usain Bolt is given every chance possible to fulfill his dream to become a professional football player."
