Rangers have confirmed they have rejected a £6.5million bid from Leicester for star striker Nikica Jelavic.
It has been speculated throughout the summer whether the August 2010 signing from Rapid Vienna will stay at Ibrox after hitting 19 goals in all competitions last season.
Croatian Jelavic has been linked with a number of clubs, but it is Leicester who have made an official approach ahead of Wednesday's transfer deadline.
Sven Goran Eriksson has been keen to add attacking power to his squad and has failed in bids for Bristol City's Nicky Maynard and interest in Shane Long before his move to West Brom.
Big-spending Leicester have also been unsuccessful in their initial attempt to sign Jelavic, who has scored three goals this season, and it remains to be seen if they will make a renewed approach.
A short statement on Rangers' official website read: "Rangers football club can confirm that they have today rejected a £6.5million bid for striker Nikica Jelavic from English Championship side Leicester City."