Sky Sports understands that Celtic have rejected a bid from Huddersfield for Anthony Stokes, with the offer falling well short of the Bhoys' valuation.
It is believed that the Terriers were looking to take the 24-year-old striker in a deal worth less than £1million.
Celtic are unwilling to discuss such figures and have immediately knocked the approach back.
Huddersfield are in the market for a new frontman after offloading Jordan Rhodes to Blackburn, and have money to spend.
That sale netted them around £8million, so clubs are aware that Simon Grayson's side have funds available.
Huddersfield must now decide whether or not to make a second attempt to snare Stokes, a man who has previously turned out in English football for Sunderland, Sheffield United (loan) and Crystal Palace (loan).
He moved to Celtic in 2010 but despite boasting an impressive strike rate during his time at Parkhead, is not considered to be among the first names on Neil Lennon's team sheet.