Sporting Gijon have confirmed they rejected an approach from Bolton for midfielder Michel.
The Trotters are reported to have tabled two bids for the 22-year-old Spaniard on Monday, offering around 3.6million euros (£2.9m).
However, that falls some way short of the 12million euros (£9.8m) price tag Gijon have placed on the player.
Sporting coach Manolo Preciado considers the youngster to be a key part of his plans for the future and is reluctant to part with Michel.
The midfielder has been part of the first team setup at El Molinon since 2005 and is a product of the club's academy system.
While Megson was frustrated in his attempts to add to his squad on transfer deadline day, one of those he has allowed to leave the Reebok Stadium has spoken of their desire to prove a point after struggling in England.
Blerim Dzemaili only joined Bolton last summer but has been allowed to join Italian outfit Torino on loan just 12 months later.
The Switzerland international was plagued by injuries during his time with the Trotters and is looking forward to the prospect of a new challenge in Serie A.
"I've suffered a bad injury on England and it has been a difficult period for me," he said.
"But I am here to do well and help the club achieve good things.
"I feel fully fit. I had all the necessary medicals and I am ready to play."