West Brom have rejected an offer from Watford for Craig Dawson, according to Sky sources.
It is understood the offer was an initial year-long loan for a fee of £750,000.
The bid also included an option to buy Dawson for £2.5m instalments over four years adding up to a potential total of £10m.
The 28-year-old defender has made 180 appearances for the Baggies since 2010.
West Brom want at least £20m for Dawson.
Sky Sports News reported in June that Burnley made a combined offer of £25m for the pair that was rejected immediately.
West Ham have also had a £12m offer for Dawson knocked back by the west Midlands club, according to Sky sources.
Central defender Dawson, 28, subsequently handed in an official transfer request to the club's board and refused to go on the club's training camp to Portugal along with Ben Foster.