Blackburn have rejected Olympiakos' first offer for Matt Derbyshire, skysports.com understands.
As revealed by skysports.com last week, Olympiakos made their initial bid for former loanee Derbyshire last Friday.
Olympiakos are keen to sign Derbyshire on a permanent basis after he impressed on loan during the second half of last season.
Derbyshire scored eight goals in 13 games for Olympiakos as he helped them claim the league and cup double.
Olympiakos are determined to push through a deal for the England Under 21 international, but Blackburn have snubbed their first bid as they hold out for more money for the forward.
Despite Blackburn's rejection of their first offer, Olympiakos are expected to come in with a new improved bid as they look to tie up a move for Derbyshire.