Preston have insisted there has not been a third bid from Nottingham Forest for Paul McKenna.
Forest boss Billy Davies worked with the midfielder during his time in charge at Deepdale and is keen to be reunited with the 31-year-old.
He has already failed with two offers but reports had suggested a fresh bid was on the table.
Preston chairman Derek Shaw maintains there has been no such approach but realises the situation could change quickly.
"I've not heard a word from Nottingham Forest for three weeks. We've certainly not had a third bid, contrary to other reports," Shaw told the Evening Post.
"The bottom line is that we want Paul McKenna to remain at Preston and we don't want to sell him. However, everybody knows how things work in football and situations can change.
"If we have a third bid from Forest then I'll sit down with the directors and the manager and assess that and we'll do what is right for the club.
"Also, if Paul indicates he wants to leave Preston we will assess that situation too and see where we are, but that hasn't happened either."