Mendes joined Rangers from Portsmouth during the summer

Rangers have rebuffed an approach from Bolton Wanderers for Portuguese midfielder Pedro Mendes.

The 29-year-old is in his first season at Ibrox, having arrived for �3m from Portsmouth during the summer.

But Rangers have yet to make the one major sale during the January transfer window they believe necessary to ease their financial concerns.

And Bolton, who are thought to have been prepared to pay �3.5m, tested their resolve by making an enquiry.

Rangers chairman Sir David Murray had said that he wanted to sell a player during January in response to the current economic downturn.

Manager Walter Smith had been prepared to cash in on top scorer Kris Boyd after Birmingham City made an approach, but the striker rejected that move.

Captain Barry Ferguson has been linked with a move to Newcastle United, while goalkeeper Allan McGregor also appears to be seen as a saleable asset.

MY SPORT: DEBATE Are Rangers right to dismiss interest in Mendes?

Mendes is the main player Smith wants to retain and it had been suggested that the midfielder could not move in January because any transfer would fall foul of the rule that prohibits playing for more than two clubs during one season.

But it appears that Bolton believed they could argue that the Portuguese midfielder's appearance in the Community Shield was not part of the official football season.

Bolton manager Gary Megson on Saturday said he had put in two offers for players after balking at the price being demanded by Sporting Lisbon for one of Mendes' countrymen, Miguel Veloso.

Megson is looking for a replacement after Kevin Nolan was sold to Newcastle for �4m and it is being reported that Portsmouth will on Monday sell Sean Davis to Bolton for �2m.

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