Peterborough United director of football Barry Fry has confirmed the club have rejected two bids from Burnley for winger George Boyd.
The Clarets are looking for a replacement for Chris Eagles who signed for Bolton last week.
But Posh are in no mood to sell their talisman and turned down a player plus cash deal, which was said to involve Clarets wide man Ross Wallace going the other way.
A straight cash offer, which is believed to have been £1.5 million, was also knocked back and Burnley are now set to sign Keith Treacy.
Meanwhile, Posh had tried to bring back Paul Coutts from the Preston but the two clubs failed to sort out a deal.
"Burnley were keen on George, but they haven't met our valuation and we weren't interested in the player exchange," Fry told the Peterborough Evening Telegraph.
"We did try and get Coutts back, but Preston want to keep him, as he's one of their cheaper players so that's dead in the water already."