Director of football Barry Fry has confirmed Peterborough have rejected an "insulting" bid from Aston Villa for Joe Lewis.
Goalkeeper Lewis handed in a transfer request on Tuesday after the bid was turned down, but Fry has stated that he will let the England Under-21 international leave if the price is right.
He told Sky Sports News: "The bid from Villa was an insult. They offered less than what we paid for him.
"Are they crazy? The boy has been away with England, he's played for the Under-21s and has played 150 games for us.
"If they come back with a sensible offer we will let him go. If not he will stay here.
"Since then I've had two more bids from Premier League clubs which we have rejected. I've no problem with Joe, he has asked for a transfer which I understand but we need to see some sensible money."