Kidderminster Harriers have rejected a bid from Walsall for England C midfielder Russell Penn.
Harriers chairman Barry Norgrove told BBC Hereford and Worcester that Walsall were some way short of their valuation of the 23-year-old.
"We told them to go away and think about it again, so we're waiting for them to come back to us," he said.
"We need a lot more money than that as Russ Penn's worth more than the figure they are offering us," he added.
Penn impressed while playing for England in the Four Nations tournament in Wales in May.
He joined Harriers from Scunthorpe in 2006, and scored 11 times in 43 league games last season.
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