Dundee United manager Craig Levein claims Dundee will be "wasting their time" if they offer £500,000 for Scott Robertson in January.
Investor Calum Melville wants to take the midfielder back to Dens Park but has angered Levein by going public.
"Hopefully, someone at Dens Park will sit him down and explain how football works," Levein told BBC Scotland.
"I can only assume it's naïveté that's led to this, because if it's not then it's mischief-making to say the least."
Robertson joined United from their city rivals under freedom of contract in summer of 2008.
Melville told BBC Scotland at the weekend that he was preparing to bid for the 24-year-old and thought £500,000 would be enough to persuade United to sell.
However, Levein scoffed at that suggestion and is delighted with the impact made by Robertson, despite an injury-plagued period at Tannadice.
"I'm angry at the situation Scott's been put in," Levein added.
"He's already made the difficult journey from Dundee to Dundee United, which was done, I think any sane person would realise, for his career.
"He won over our supporters very quickly and they love him.
"He's had an unfortunate time with injuries but when he's played, he's been one of our best players.
"Mr Melville should not be speaking publicly about one of our players, who still has 18 months of his contract left.
"The rules are in place and no matter how much money you've got, you have to abide by them."
When making his remarks, Melville mistakenly believed Robertson would be out of contract next summer.
I can assure Dundee United that we are not interested in Scott Robertson
Jocky Scott Dundee manager
"He's our number one target," Melville said. "We'll be an SPL club again and he wants to play for us."
Dundee are currently top of the First Division and hope to gain promotion to the top flight for the first time since 2005.
"This is not about stirring up things with United," said Melville.
"We'll be happy to sign any of their good players.
"I want to re-galvanise Dundee and I don't make rash promises. What I say I'll do, I do."
Levein insisted he would not be making an official complaint about Melville's conduct, while his opposite number at Dens Park was also critical of the clumsy handling of the situation.
Dundee manager Jocky Scott told BBC Scotland: "I think Calum has maybe said things through inexperience.
"I can assure Dundee United that we are not interested in Scott Robertson."
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