Blackburn Rovers chief executive John Williams says talks with Rangers over Barry Ferguson will continue.
Barry Ferguson wants to leave Rangers
The Ewood Park side have had a second offer for Ferguson rejected by the Scottish champions and manager Graeme Souness had indicated that the club were unlikely to increase their offer.
However, Williams told the club's offical website that the deal was still alive and discussions with Rangers were ongoing.
"He is a player that we really want to sign, but unfortunately there appears to be a big gap between the two clubs," said Williams.
"Rangers have a very high valuation and clearly do not want to lose their player," he said, but added: "We will continue to talk to them."
Everton confirmed on Tuesday evening that they are in the market for the Scotland international midfielder and Rangers appear to be holding out for the highest bidder.
The Goodsion Park side, who pulled out of a move for Fulham's Sean Davis after he failed a club medical, will have to better the second Blackburn offer, which is thought to have been about £7.25m.
Ferguson is currently in Denmark for Rangers' Champions League third qualifying round, second-leg clash with FC Copenhagen.
Rovers, who have money to spend following the summer sales of Damien Duff and David Dunn, have agreed a season-long loan deal for German defender Markus Babbel.
And former Italy international Dino Baggio is training at Ewood Park with the hope of winning a move to the Premiership.