Administrator Andrew Andronikou has warned other clubs there will be no fire sale at Portsmouth after receiving a 'derisory' bid for Tommy Smith.
Scottish champions Rangers are reported to have made a £300,000 offer for the 30-year-old striker, who netted just once following his move from Watford last summer.
But Andronikou has blasted the bid and insists, despite Pompey's financial problems, that Smith will only be leaving if the club's £1.5million valuation is met.
He told the Scottish Daily Express: "I've received an offer from Rangers for Tommy Smith.
"It came via the player's agent earlier this week but has been turned down flat.
"I have to say I was absolutely gobsmacked when I was told about the offer.
"It was an absolute joke, nowhere near the level we value Tommy. It can only be described as derisory.
"If clubs think that because Portsmouth are in administration we will accept any old offer, then they are mistaken.
"There will be no fire sale here and players will only be sold if we receive offers that meet our valuation."