Bolton manager Owen Coyle admitted after the 3-1 defeat to Liverpool that Gary Cahill's performance had suffered as a result of the recent transfer speculation.
The defender has attracted interest from Arsenal this summer and Coyle admitted on Friday that Bolton had rejected an offer that was so far below their valuation 'the word derisory doesn't even cover it'.
Arsene Wenger later responded by saying the reported figure of £6m-£7m was wrong, but there are now just a few days remaining to see if the Gunners can reach an agreement to buy Cahill.
Coyle was reluctant to discuss Cahill's situation after the Anfield loss but did concede that he had not been at his best.
"I do think it had an effect on him today," said Coyle.
"It's probably the first time I have seen him not be the normal outstanding lad that he is. But that can happen to anyone."
Coyle did also admit that he would not stand in Cahill's way if a bigger club came in with a suitable offer.
"If something happens prior to Wednesday and Gary is to leave the club then I, as a manager, will wish him all the very best. He is a great lad," Coyle said.
"But if it doesn't then Gary is all heart and he will be ready to give everything for Bolton Wanderers.
"Gary wants to play at the highest level and there is nothing wrong with that ambition and he has been a terrific servant for Bolton.
"The bottom line is, if someone out there has a price that I think is the right value for Gary Cahill and they make an offer, then there is a chance business will be done.
"If they don't, there is nothing to talk about."
Coyle was philosophical about his side's performance, admitting that while Liverpool had played well, Bolton had not helped their own cause with some poor defending.
"Liverpool are a very good side but saying that, I thought we started the game pretty well," said Coyle.
"It was a great finish from Jordan Henderson but that's why you pay £20million for players, exquisite finishes like that."
Coyle added: "We shot ourselves in the foot at the start of the second half by conceding two goals.
"They were good finishes from both the (Liverpool) lads but poor defending from us as a group, and it gave us a mountain to climb."