Hibernian midfielders Scott Brown and Kevin Thomson were misled by the club and their former agent, claims their present representative, Willie McKay.
Kevin Thomson and Scott Brown are wanted by other clubs
Brown handed in a transfer request on Saturday as he and Thomson attempt to win a salary rise at Easter Road.
"They signed new contracts in March, but they were misled and badly advised," McKay told BBC Sport.
"Former manager Tony Mowbray told them that, if they played well, he would look at it again in August."
Mowbray has since left for West Bromwich Albion and has been succeeded by John Collins.
"The boys were happy to stay at Hibs if the contracts were renegotiated, but Hibs are saying that Tony Mowbray is no longer there," said McKay.
I read it, ripped it up and put it in the bin
Hibernian manager John Collins
"When I became their agent, I gave them my card to give to John Collins so he could give me a call."
McKay said that, when Collins did not respond, he turned his attention to the club's chief executive.
"For three weeks now, I have been asking Rod Petrie for a meeting," he said.
"My phone is open 24 hours a day for Rod to call me and discuss the situation.
"Rod has been saying that the boys were happy until I arrived, but that was not the case.
"They signed a contract in March, but they were badly advised by Hibs and their agent at the time.
"I'm urging Rod to pick up the phone and sort this out.
"The boys want to stay, but they will not be held to ransom."
McKay explained why it was only Brown that had so far made a transfer request.
"I think Scott feels more strongly than Kevin. Being club captain, he wants to think about it a little longer," he said.
"Clubs have come in with verbal offers. Not for the £3m each that Hibs are looking for, but close to it.
"I know that one club was willing to go to £2m for one of the players."
McKay insists that he is not the villain some have painted him.
"Most Hibs fans understand the situation," he said.
"They know they have a wage structure, but sometimes you have to change the wage structure for a situation like this."
Collins confirmed to BBC Sport that Hibs had rejected Brown's transfer request.
"I read it, ripped it up and put it in the bin," he said.