Bolton manager Owen Coyle has confirmed the club has rejected a "derisory" bid from Arsenal for defender Gary Cahill.
The 25-year-old is entering the final year of his contract at the Reebok Stadium and Gunners boss Arsene Wenger has been consistently linked with the England international.
Wenger is keen to bolster his defensive options - he is also thought to be interested in Everton's Phil Jagielka - and has money available following the departures of Cesc Fabregas and Samir Nasri.
But Coyle says the two clubs are a distance apart in terms of their valuation of Cahill.
He said: "There was a conversation between (Bolton chairman) Phil Gartside and a representative of Arsenal.
"I'm only passing this on as a third party, but the word derisory doesn't even cover it.
"When I make an offer for a player, I'd like to think in the right ball park, but this wasn't even close.
"I spoke to Gary Cahill about it before the Macclesfield game, and he knows everything that's going on."
While Coyle did not confirm how much Arsenal had offered for the player, it is reported that the bid was in the region of £7million ($11.4million).
Coyle also confirmed that defender Marcos Alonso is facing eight to 12 weeks on the sidelines after suffering a broken metatarsal in the midweek Carling Cup win over Macclesfield.
The Spaniard was making his first start since April but joins a defensive injury list that includes Tyrone Mears, Sam Ricketts and Gretar Steinsson.
Coyle said: "Marcos has fractured a bone in his foot and he will have an operation this morning.
"He will be out for eight to 12 weeks, which is a real blow for him because he was starting to get to grips with the English game.
"He had a terrific pre-season and was pushing to try to get into the starting line-up."