Dundee have turned down a £400,000 bid from Rangers for striker Nacho Novo.
Nacho Novo (left) is wanted by the Old Firm
Rangers had upped their bid for Novo from an initial £250,000, but no offer has yet been received from Celtic, despite expressing an interest.
Reports suggest that the new offer had taken into account the £60,000 due to Novo's former club, Raith Rovers, as part of any deal.
However, Dundee appear determined to hold out for at least £500,000 for the Spanaird who scored 25 goals last term.
Dundee manager Jim Duffy has already started planning for the departures of Novo and goalkeeper Julian Speroni.
The Dens Park club are thought to have accepted a £750,000 bid for Speroni from Crystal Palace.
Speroni is still on holiday and the Argentine is expected to talk personal terms with the English First Division club on his return.
Duffy has been looking as far afield as Spain for replacements, despite not having received an acceptable offer for either player.
"I've spoken to two Premiership, one English First Division and one Primera Liga club about bringing players here on loan," he told his club's website.
"But our budget is so strict I cannot make offers to anyone until I know for sure that Julian and Nacho are away.
"With three players having already left, we could find ourselves bedding in half a team in the build-up to the new season, so the sooner the new lads arrive the better.
"I'd also like to be able to give the fans some positive news - news that fresh faces are arriving rather than speculation or confirmation that familiar ones are leaving."