Villarreal have turned down an offer from Barcelona for striker Giuseppe Rossi, according to the player's agent.
Federico Pastorello claimed the bid for the Italy international fell below the club's asking price.
The UEFA Champions League holders have been linked with the 24-year-old since the end of last season.
However, Villarreal seem determined not to let go of the former Manchester United player on the cheap.
"We are aware of an offer from Barcelona, but we were also told it was considered insufficient," Pastorello told La Graderia.
"We haven't spoken to anyone for over a week. We know the Blaugrana are negotiating with Villarreal, so all we can do is wait for news from the two clubs."
Rossi has been valued at £26 million by the La Liga outfit and, as well as being linked to Barca, he has also been reportedly targeted by Italian giants Juventus and Inter Milan.