FC Utrecht claim to have rejected a bid from Swansea City for wide-man Edouard Duplan.
The Eredivisie club earlier in June announced they were expecting an approach from the Premier League Swans for the Frenchman, who has just one year left on his contract.
That offer is now said to have materialised but Swansea did not meet Utrecht's asking price for 29-year-old Duplan.
The Dutch club's general director, Wilko van Schaik, told RTV Utrecht: ''Swansea made us a bid. We rated it as too low.
"We can use the money but that is not to say we give away our players for bargain fees."
Utrecht would need to sell Duplan this summer or next January if they want to avoid a Bosman departure.