Director Don Rowing says Barnsley are still waiting on a decision from captain Jacob Butterfield after offering the young midfielder a contract extension.
The England Under-21 international is yet to commit to the Championship club, with a host of Premier League sides thought to be chasing his signature.
Rowing has denied reports that Barnsley have improved their initial offer but says the 21-year-old is yet to respond.
"We've not changed our offer, that's just paper talk," Rowing told the Sheffield Star.
"We've offered Jacob a new contract and we're still waiting to see what he's going to do.
"It's a very good deal and we'd like him to stay, but I don't think anything is going to happen until January any way."
Butterfield has been linked with the likes of Everton and Wolves but Rowing insists there have been no official approaches made so far.
He added: "We've had no interest from any clubs, so I'm not going to speculate.
"There's been no official interest, but if there was an interest in January we'd have to consider any offers like we would do for any other players.
"For now the team have been doing well and I think they're just concentrating on trying to be successful over the Christmas period."