Francisco Sandaza's agent claims the striker is likely to leave St Johnstone rather than accept the offer of a new contract.
The Spaniard joined Saints on a one-year contract in the summer after leaving Brighton & Hove Albion and he has scored 12 goals in 17 appearances.
His fine form has seen him linked with a move away from McDiarmid Park, with Ibrox touted as a possible destination should Rangers sell in-demand striker Nikica Jelavic.
Sandaza's agent Clive Jagger told STV: "His contract finishes in May and, although St Johnstone have made a very, very generous offer for him to continue at the club, it's not really what we're looking for.
"Our intention is to move on at the end of the season to hopefully bigger and better things."
Jagger confirmed he has had conversations with clubs in Scotland, England, Spain and the United States about Sandaza, but anticipates a move at the end of the campaign is more likely than a transfer during the current winter window.
He added: "It may be a case of letting that contract run out and seeing what options we have for next season.
"Understandably, St Johnstone are not going to be asking peanuts for the player. They want reasonable compensation."
Last week St Johnstone manager Steve Lomas said: "If somebody wants Fran in January it will have to be beneficial for us. It's as simple as that.
"It's got to be right for the club, or else we wait until the end of the year. I've said to Fran score 25 goals this season and you can go wherever you want."