Rangers chief executive Martin Bain says Kenny Miller will not be sold in January, but remains unsure if a new contract can be agreed with the striker.
Miller's current deal at Ibrox expires at the end of the season and negotiations regarding an extension have stalled over the past few weeks.
The 30-year-old was recently linked with a move to Serie A leaders AC Milan when the transfer window reopens to avoid Rangers losing the forward for nothing.
However, Bain has stressed manager Walter Smith does not want to see his leading scorer move on in the New Year and is open to talks resuming regarding a new deal.
"Kenny is in a situation where I've had discussions with him and as Walter said at the weekend, talks have stalled," Bain told the Daily Record.
"I have made Kenny an offer after many positive discussions - his agent Dave Baldwin is fine to deal with - and they have not liked the most recent offer. That's where we stand.
"My stance on selling in January, and I'm sure Walter's is the same, is that the squad is weak in terms of number and in depth.
"We are going to need everybody we can to win the championship and Kenny is going to be a big part of that. I don't see Kenny going anywhere in January. It's in my hands to say we are not selling Kenny Miller."
Bain added: "I'm not the type to be obstinate and remain entrenched but we have been back and forth many times.
"I really value Kenny and Walter wants him to stay - certainly not leaving in January. We have no desire for that to happen. He's playing exceptionally well.
"So on that basis, I have to juggle when you have someone doing what we ask of him and at the same time he is looking for a new contract.
"At the end of the day, budgets come into it and that's where we are."