Carlisle United have turned down a £250,000 bid from League One rivals Huddersfield Town for top scorer Danny Graham, BBC Radio Cumbria understands.
The Cumbrians' chief executive David Allen said their valuation was higher.
Terriers chief executive Nigel Clibbens said: "We're not going to talk about individual targets and enquiries that we make until the deal is done.
"I'm not going to talk about Danny in particular," Clibbens added to BBC Radio Leeds.
He continued: "What I will say is that the club are looking to bring in quality players who are capable of excelling at this level and going onto higher levels.
"Therefore when we're linked with players such as Danny Graham that's par for the course."
"What we've got to do is try to get the best value for the club - we make a fair offer"
"We have valuations that we put on all the players that we try to bring into the club and the selling clubs will have their own valuations.
"What we've got to do is try to get the best value for the club - we make a fair offer.
"We'll watch developments and we'll see how things move through the rest of the period with all the targets the club have got."
Graham, 23, has scored 13 times this season, including the first in the 3-0 Boxing Day win against the Terriers.
Graham made 15 appearances for Boro, before a permanent switch to Brunton Park in the summer of 2007.
New Huddersfield boss Lee Clark is keen to add a forward to his squad during the January transfer window but has been told to off-load players first.
Graham, who has scored 37 times in 92 Carlisle appearances, is out of contract at the end of the season and is one of several players to be offered new deals at Brunton Park.
Preston, Barnsley, Swansea and Dundee United were also reported to be interested in signing the player.
However, BBC Radio Cumbria understands Swansea are not interested in the former Middlesbrough forward.
Meanwhile, midfielder Luke Joyce has returned to Carlisle after a five-week loan spell at Barrow came to an end.
The 21-year-old was part of the FA Cup side that made the third round in this year's competition where a 2-1 defeat at Middlesbrough ended the Bluebirds' campaign.
~RS~q~RS~~RS~z~RS~02~RS~)