Watford have turned down a £4m bid from Fulham for striker Marlon King.
Marlon King has scored 11 times for Watford this season
King, 27, has scored 11 goals this season for the Championship side who are bidding for a return to the Premier League after relegation last term.
"He is our leading goalscorer and one of the leaders of our team and we have no need to sell him," said Watford chief executive Mark Ashton.
But Fulham manager Roy Hodgson could increase the offer after being told he has money available to spend.
"The chairman is very supportive. He wants the club to stay in the Premier League," Hodgson said.
"We don't have a limitation in that we can only spend a certain amount of money or sign a certain number of players. It's up to our judgement."
Fulham are currently second from bottom of the Premier League with strikers David Healy and Diomansy Kamara, both signed by Hodgson's predecessor Lawrie Sanchez, having scored eight times between them this season.
King has limited Premier League experience and missed the majority of last season through injury scoring four goals in only 13 league appearances.