Bolton Wanderers manager Owen Coyle has confirmed the club have rejected an offer from Arsenal for defender Gary Cahill.
The England international has been strongly linked with a move to Arsenal this summer, and has also been mooted as a target for Liverpool and Manchester City.
He is in the final year of his contract at Bolton after establishing himself as one of the Premier League's most consistent centre-halves since his arrival from Aston Villa in 2008.
Coyle revealed at the start of the transfer window that he wanted any clubs interested in signing Cahill to make the 'right offer' sooner rather than later, but stated only last week that there had been no bids.
However, Arsenal have now lodged an offer for the 25-year-old, with reports claiming the Gunners have bid £7million for Cahill.
"There was a conversation between Phil Gartside and a representative of Arsenal," said Coyle.
"I'm only passing this on as a third party, but the word "derisory" doesn't even cover it.
"When I make an offer for a player, I'd like to think in the right ball park, but this wasn't even close.
"I spoke to Gary Cahill about it before the Macclesfield game, and he knows everything that's going on."
Gunners boss Arsene Wenger has money to spend in the transfer market following the recent sales of Cesc Fabregas and Samir Nasri, and a centre-half is understood to be at the top of his shopping list.
Wenger has seen his defence hit by injuries so far this season, but will need to significantly increase his offer for Cahill if he wants to land the stopper before next Wednesday's deadline.