Aston Villa have told Rangers they will have to pay £3.5 million for striker Luke Moore.
Luke Moore has fallen down the pecking order at Aston Villa
Moore, 21, has lost his first-team place since Martin O'Neill bolstered his attacking options by signing John Carew, Ashley Young and Shaun Maloney.
O'Neill said Rangers manager Walter Smith contacted him last week.
"Luke is a Premier League player and that's what he would cost in this day and age," the Villa manager told the Birmingham Mail.
Villa may be willing to allow Moore to leave the Midlands club if their valuation is met.
Rangers could have money to spend after the club accepted a £3m fee for striker Daniel Cousin.
I spoke to Walter maybe about a week ago and he hasn't been in touch with me since
Aston Villa manager
O'Neill said: "Rangers haven't come in for Luke in terms of a bid, but Walter Smith asked me about him and that's as far as it's gone.
"Is there a £3.5m price tag? Well, yes, obviously because Luke is a Premier League player and that's what he would cost in this day and age.
"I spoke to Walter maybe about a week ago and he hasn't been in touch with me since."