Hearts have labelled Rangers' initial bid for Lee Wallace as 'derisory' after rejecting it out of hand.
Gers are believed to have offered a paltry £300,000 for the 23-year-old Scotland international defender.
The fee is described as 'well, well short' of the player's value by manager Jim Jefferies even though the player has just 12 months on his Tynecastle contract.
Jefferies has not given up hope of the club agreeing an improved long-term deal with the Edinburgh-born stopper despite the SPL champions' interest.
"I don't know the exact figures involved but I do know our people regard the offer Rangers made as derisory," commented Jefferies.
"Let's just say it's well, well short of the value we would place on an international like Lee.
"He is an outstanding player. We know he's in the final year of his contract and we hope to extend it but that will be up to the player to decide.
"Lee was very unlucky with injury last season but he's fit again and started pre-season training today.
"I know when bids are made for players you have to take their contractual situation into account but even so, Rangers' offer was miles short of what is acceptable."