Watford have rejected a bid in the region of £20m from Premier League champions Leicester City for captain Troy Deeney.
Leicester are looking to boost their attacking options and have targeted the Hornets striker, who scored 13 goals in his first season in the Premier League.
But Watford are determined to hang on to the 27-year-old, who has been with the club since 2010 and is closing on 100 goals since his arrival from Walsall.
The Foxes claimed their first Premier League title largely thanks to a combined 41 goals from Jamie Vardy and Riyad Mahrez.
But Vardy's future at the King Power Stadium has been in doubt since the end of the season, with Arsenal reportedly ready to activate activate a £20m release clause in his contract.
Leonardo Ulloa was the only Leicester player other than Vardy and Mahrez to score more than five Premier League goals last season.
League One side Walsall will be watching any move for Deeney with a great deal of interest, having sold him to Watford for a fee that rose to £650,000 when they were promoted to the Premier League.
They are reported to have a 20 per cent sell-on clause on any profit Watford make on the striker, should their determination to keep hold of him waver.