The Egypt wing-back moved to the Black Cats on a season-long loan from ENPPI last summer with a view to a permanent transfer.
According to the deal, Sunderland should pay the Petroleum side £ two million in April if they are to hold onto Elmo past this term.
ENPPI's football director Alaa Abdul-Sadek said the Premiership side defaulting on the payment is an unacceptable scenario.
"We are not expecting a delegation from Sunderland to arrive in Egypt these days, our agreement is clear," he told FilGoal.com.
"The contract stipulates that they should pay us £ two million next month in order to keep Elmohamady's services on a permanent basis.
"If the money isn't paid on time, we will have the right to determine his fate.
"We also hold the right to obtain %20 of the player in any re-sale," Abdul-Sadek added.
Elmohamady has been by far impressive since joining Sunderland. He was praised by his manager Steve Bruce on a number of occasions.
It's widely understood that Sunderland have every intention of keeping hold of the 23-year-old, who's also eager to extend his stay at the Stadium of Light.
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ENPPI issue ultimatum to Sunderland