Scunthorpe boss Alan Knill has confirmed the club have rejected a bid from Peterborough for midfielder Michael O'Connor.
Knill claims the offer for the 23-year-old was less than the £225,000 package that the Iron put together to sign the player from League Two side Crewe two years ago.
Knill is keen to keep O'Connor at Glanford Park and is working on getting him to sign a new contract.
"We felt the bid that came in from Peterborough did not reflect our valuation of the player," Knill told the Scunthorpe Telegraph. "The offer was less than this club paid for him two years ago. He has not become a worse player since then, but a much better one.
"As soon as the bid came in, we informed Michael of it and he agreed the offer was not a very good one. If Peterborough want to come back in with another bid for him, there is nothing I can do about that but we are in a position where we do not have to sell.
"We think Michael O'Connor is going to have a great season for us. I know there are some problems with a new contract that we have offered Michael but we are trying to do something about that."