The 18-year-old centre-back is out of contract at the end of the current season and is attracting interest from abroad, according to Eindhovens Dagblad.
PSV want to tie the youngster down until June 2022, but after almost three months of contract talks they appear to be no nearer to doing a deal.
PSV technical manager Marcel Brands hopes that it can be resolved quickly, but says the club have not set a deadline over the player's final decision.
"For Armando, I think it's important that he no longer waits for his choice," said Brands.
"That brings him clarity towards the future, and he can focus on football. We have not agreed on an exact term within which to answer. I have never done that."
Obispo's agent has told the Dutch newspaper that the discussions with PSV are continuing.
"The consultation with PSV is ongoing and we will have a new appointment next week. We'll see if we can get together," said Ali Dursun.