Charlton boss Alan Curbishley says Birmingham target Jason Euell will not be allowed to leave on the cheap.
Euell cost a club record £4.75m in summer 2001 but fell out of favour last term and says he wants a new challenge.
"Jason has made no secret of the fact that he wants to get away but we'll have to wait and see if anything materialises," said Curbishley.
"Birmingham are interested, but as yet we have not agreed on anything - until then, nothing will happen."
Curbishley insisted it was not a foregone conclusion that he would be leaving, however, and said he thought other people had been unsettling Euell, who missed Saturday's friendly win over Watford.
"I've said all along that he is part of the squad and if he doesn't go anywhere, he doesn't go anywhere. I would be happy if he wanted to stay here," he said.
"He has joined in over the full pre-season and when he has played, he has done it, but agents have been talking to managers and directors about him - 'my boy is not happy', or whatever. It all gets around.
"We will have to wait and see. I have got quite an open mind on it."
Birmingham boss Steve Bruce has confirmed he is interested in signing the Jamaican international.
"We have made an enquiry about Euell and that will be on going," he said.
"He is someone who I admire as a player."