Blackburn Rovers expect Newcastle United to return with an improved bid for Grant Hanley in the next 48 hours.
The club has already had two offers for the 24-year-old defender turned down by their Championship rivals.
Blackburn value Hanley at around £6million, and United's last bid was well below that figure.
Owen Coyle, the club's manager, said: "When all is said and done, Grant Hanley is a player who is under contract at Blackburn Rovers.
“I know the way the world works when agents get to work and such forth.
“But all I would say is Grant Hanley’s our captain and we don’t want to lose him.
“I totally understand why Newcastle covet him, but, as I said before, and I’ll repeat it, in my opinion they are nowhere near the valuation which I consider Grant Hanley to be.”
United have already signed five players in this summer's transfer window.