Rangers manager Alex McLeish says the signing of Barry Ferguson from Blackburn remains his priority for the remainder of the transfer window.
Barry Ferguson joined Rovers from Rangers 17 months ago
However McLeish says he has other players in mind should Blackburn refuse to sell despite Ferguson's desire to return to Ibrox.
Blackburn manager Mark Hughes says Rangers £3m offer falls short of their valuation of Ferguson.
"Rangers have not come in with anything like a realistic bid," he said.
"It is very difficult for myself and the board to really understand which way this is going to go.
"We will be speaking to Barry and his representatives on Monday and maybe then we will have a clearer picture.
"Barry is a good professional and has done very well for me, I have never had a moment's trouble with him.
"If the window closes and he is still here and I will be delighted and I'm sure he will get his head down and contribute for the rest of the season.
"At the moment, the level of interest from Rangers does not represent his value."
Rangers chairman David Murray insists they will not be increasing their offer for the 27-year-old, who left Ibrox for the Premiership in August 2003.
Rovers paid Rangers £6.5m for the Scotland skipper but have still to pay £2.5m of that fee.
Blacburn chief executive John Williams insists there is no need for the club to raise funds through a sale.
"When I have gathered the collective view from our board, I will respond to Barry in writing," Williams told BBC Sport.
"There is no financial need to sell Barry at the moment.
"Mark Hughes recommends the players he wants to bring in and keep at the club."
Williams also insisted that Ferguson was not discontent at Blackburn.
"Barry told us he's happy," Williams continued. "He likes the club, he likes the training and he likes the manager.
"But Glasgow Rangers has a strong pull for him."
Ferguson's time in England has been disrupted by injury, but he has recovered from a serious knee problem picked up last season to lead the side this term.