With the striker whose goals helped Leeds into a play-off spot out of contract next season, Leeds have decided to get what cash they can for him now.
Speaking to Leeds website, United CEO Shaun Harvey said: "However we will only do so within the financial parameters that we believe are appropriate. The offer we have made to Jermaine is what we believe to be a very good offer but he has exercised the right to turn it down.
"On the basis that he has 12 months remaining on his current contract and could leave on a free transfer next summer, we feel we must consider any offers that are forthcoming for him.
"In the event that no offers are forthcoming or the offers received are unacceptable to us then he will remain part of Simon Grayson's squad next season."
Coventry City manager Chris Coleman has already laughed off speculation about signing the striker from Wealdstone who will get a cut out of any cash move and will not reveal who his targets are.
However, Coleman has made it clear that he is after a striker and with rumours that Leeds will accept players in part exchange, this may be something that could interest him.