Owen Coyle is confident Gary Cahill is capable of playing for Arsenal, but is adamant he will only be sold if it is the 'right business' for Bolton Wanderers.
Cahill has been the subject of a failed bid from Arsenal as Arsene Wenger seeks to reinvest some of the money raised by the summer sales of the likes of Cesc Fabregas and Samir Nasri.
Bolton boss Coyle said the reported £6m-£7million bid could not even be described as 'derisory', although Wenger subsequently insisted he had offered more than that figure.
England international Cahill is keen to play at the highest level and is in the final season of his contract at the Reebok Stadium.
Coyle is prepared to grant the centre-half's wish of a move to a bigger stage, but only once Bolton's valuation of the 25-year-old is met.
"Gary's representatives had been made aware there had been a so-called offer, but given the amount that was talked about I don't call that an offer," said Coyle.
"If I make an offer for someone I do it in writing so you know exactly where you are with it.
"It is fair to say the dialogue was nowhere near what the football club would even consider for Gary Cahill to leave Bolton Wanderers.
"I am very respectful of Gary's wishes in this as well.
"I totally understand he wants to play at the highest level and Arsenal are an elite club, a club I think he would probably slot into with tremendous style because he is such an accomplished player.
"He is more than capable of playing in a team of that stature. But it has to be done at the right business for Bolton Wanderers Football Club.
"It was way, way short and I must stress the word way as it was a million miles short of what Gary Cahill's valuation is."