Tottenham boss Andre Villas-Boas insists he will not let Rafael van der Vaart leave the club on the cheap.
The midfield playmaker signed for Spurs from Real Madrid two years ago, but he has since dropped down the pecking order following the arrival of Gylfi Sigurdsson.
And now the Dutch star is open to the idea of returning to Hamburg, where he spent three years before moving to the Spanish capital.
The Bundesliga club have vowed to do everything in their power to land Van der Vaart, whose wife Sylvie works in the German city, but their initial offer of around £8million falls way short of Tottenham's valuation.
The London club are reported to be holding out for £14million for the player, and Villas-Boas is adamant he will not let the player go on the cheap.
"We have had interest from Hamburg, but an offer of that dimension is not something the player deserves," Villas-Boas told a press conference.
"Tottenham should be respected as a club. (The transfer) doesn't seem to be happening."
Tottenham's customary late foray into the transfer market looks set to swing into action before Friday night's 11pm deadline, with Villas-Boas hoping to land Porto midfielder Joao Moutinho and France goalkeeper Hugo Lloris.
It appears there will be no last-minute dash for a striker, however, after Jermain Defoe committed his future to the club on Thursday by signing a new three-year contract.
Spurs have been strongly linked with Leandro Damiao and Loic Remy, and a renewed attempt for Shakhtar Donetsk's Willian, who can operate in midfield or attack, is possible, but once more Villas-Boas fears the club could be priced out of a deal for the player.
"We had initial contact with Shakhtar, (who) again (are) a club in a position with wealthy owners, (and are) not easy to deal with," Villas-Boas added.
"We can't say that it's over but we have approached the club and at the moment it's a deal that doesn't seem to be happening."
Villas-Boas confirmed his interest in signing Lyon shot-stopper Lloris, with whom the Londoners have been in contact regularly for the last week or so.
"We are very comfortable with our goalkeepers, (but) we can take into account that there is a future that we have to prepare for," said the Spurs boss, whose current first choice, Brad Friedel, is 41.
"In that sense we have studied possibilities in that position as well and throughout the goalkeepers available, Hugo is one of the best."