Swansea City are preparing a bid to sign Marc Goodfellow from Bristol City.
Goodfellow has been recalled to Bristol from his loan spell at the Vetch, but the Robins have told Swansea the winger is available at the right price.
Swansea chairman Huw Jenkins says he hopes a deal will be done but warned the club "will not be held to ransom".
He added: "We have been more than pleased with Mark's contribution and if we can so some deal over the next few days we will do that."
Goodfellow scored four goals in eight games during his month on loan with Swansea, and the club were keen to extend his stay for another month.
But, much to Swansea's disappointment, injuries and illness at Bristol has forced player-manager Brian Tinnion to recall the 23-year-old .
Bristol paid £50,000 for Goodfellow from Stoke in January but has made just 18 appearances for the League One club.
He spent a month on loan at Pot Vale at the beginning of this season before joining Swansea where he has become an instant hit.
Jenkins said Swansea always intended to make Goodfellow move a permanent one if the player impressed, and admitted he was surprised Bristol were now insisting on a transfer fee.
"You could say that Bristol City are doing the right thing in making sure they maximise the income from any player leaving the club," Jenkins added.
"But from our point of view there was the angle that Mark was on their books and costing them a fair amount of money and wasn't playing.
"So in that context we looked at it like we were taking a liability off their hands. We feel that when we took him on loan we would have the possibility of signing him without a fee being involved."
Jenkins added that if a deal cannot be completed for Goodfellow's services, the club will look elsewhere for a left-sided midfielder.