Inverness boss Craig Brewster says he turned down Motherwell's offer of a swap deal for his midfielder Don Cowie.
Cowie had been linked with a move away from the Highlands with Motherwell's manager Mark McGhee confirming he was interested in the player.
"Mark McGhee spoke to me looking for a swap and I said absolutely not," Brewster told BBC Sport.
Brewster added that he did not think the Lanarkshire club would follow up the initial inquiry with a cash offer.
Inverness supporters had voiced concerns that Cowie would be the next of the club's key players to leave.
Fellow midfielder Ian Black has agreed to join Hearts at the end of the season once his contract at Caley Thistle expires.
Inverness are currently a point adrift of Falkirk at the bottom of the Scottish Premier League.
But the club have stressed that they will provide Brewster with the funds necessary to strengthen his squad during the January transfer window.
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