Bolton are reported to have rejected a £5 million offer from Swansea for midfielder Mark Davies.
The relegated Trotters have already lost Nigel Reo-Coker after he opted not to sign a new contract, and manager Owen Coyle is keen to keep as many key players as possible as he attempts to make an immediate return to the top flight.
Swans boss Michael Laudrup was reported to have tabled a bid for 24-year-old Davies earlier this week, with the news fuelling speculation over the future of Joe Allen, who has been consistently linked with a move to Liverpool. Newcastle had also shown an interest in Davies.
On Tuesday, Laudrup warned the Reds - now managed by former Swans boss Brendan Rodgers - that they would have to dig deep to land Allen.
Swansea appear resigned to losing their midfield linchpin, with Rodgers making clear his desire to sign a player he nurtured during his time with the Welsh club. But the club do not have to sell and, with that in mind, will look to eke out every last pound from Liverpool.
Earlier this summer, it had appeared that £15 million would be enough to secure Allen, but Laudrup has suggested that figure could be on the low side.
"Joe is worth a lot of money," he said. "Their manager knows if he wants to change the way Liverpool play, he needs a midfielder like Joe who is young and can play at the highest level.
"We saw they bought a couple of midfielders in the last few years for a lot of money, but Joe is on a level above. If one is worth £17 million then he is worth more - perhaps £20 million or so."
Meanwhile, Laudrup has said he is confident that winger Scott Sinclair will stay at the Liberty Stadium despite speculation suggesting he could be a Manchester City target.
The manager said he would hold talks with Sinclair in the near future, adding: "When you have talented players and they do well in their first year in the Premier League, it is normal that other clubs show interest.
"But supposed interest is one thing: what will actually happen at the end of the day is another. He knows he is important for the team, and I think he will stay here."