Skysports.com understands Walsall have rejected a new bid from Watford for striker Troy Deeney.
The promising frontman has been tracked by the Hornets all summer following a breakthrough season for the Saddlers last term.
Deeney, 22, found the net 14 times as Walsall finished the 2009-10 campaign in 10th place.
Walsall chief executive Stefan Gamble confirmed on Monday that the club had already received three bids from unnamed clubs for Deeney, however Hornets boss Malky Mackay has upped his efforts to sign the powerful forward.
The new bid, thought to be around £375,000, was turned down though, and Walsall boss Chris Hutchings seems determined to keep hold of one of his prized assets.
Deeney is understood to be unhappy with the club with an opportunity to further his career at a higher standard denied.