Coventry City have called a bid from Bristol City for defender Richard Keogh "derisory" and rejected it.
The Sky Blues have received a bid of £500k for Keogh who has been with City for two seasons and has another season left on his contract.
Speaking to the CT's Alan Poole, Steve Waggott said: “It was derisory, way below the value we would put on the player if we were of a mind to sell – which is not the case at all.
“We’ve got a season left with Richard and we are having discussions with him and his agent about what the future looks like from his
“We’ve had approaches, by telephone and e-mail, from three or four interested Championship clubs that haven’t led to a formal offer.
“The type of player Richard is he’s going to attract attention and we’ve got to consider all reasonable offers that come in.
"But he’s a terrific asset for us – Andy Thorn and the directors want Richard to lead us back to the Championship and we want to retain him for as long as we can.”