Newcastle are said to have slapped a £25m price tag on Kieron Dyer, following speculation Chelsea and Manchester United are ready to make a move.
Newspaper reports claim free-spending Chelsea are interested in the 24-year-old and his team-mate Jermaine Jenas, while Sir Alex Ferguson was also linked with Dyer.
But the Newcastle Evening Chronicle newspaper quoted a club source as saying: "We don't want to sell Kieron Dyer and we don't have to sell him.
"But every player has his price. That price for Kieron Dyer is £25m, and it is only right that both Chelsea and Manchester United should know.
"We are in a position of strength as far as Kieron Dyer is concerned and we are just planning to sit tight and see what happens."
Newcastle are in Malaysia taking part in the inaugural FA Premier League Asia Cup.
Manager Sir Bobby Robson insisted there is no truth in the stories linking the England midfielder with a move away from St James' Park.
"I know absolutely nothing about that," Robson said when asked whether the 24-year-old Dyer had held talks with Manchester United management.
"As far I'm concerned there's not an inkling of truth in it. It's a fabricated story. That's my feeling about it."
Dyer's agent Jonathon Barnett described the reports as "just paper talk".
Newcastle arrived in the Malaysian capital on Monday and Robson said he had a full line-up of 22 players to choose from for the cup.
The Magpies will open the tournament against Birmingham on Thursday, with Chelsea facing Malaysia's national team on Friday.
The winners of the two matches play each other in the final on Sunday.