Southampton are reported to have tabled a £6 million bid for Blackpool winger Matt Phillips.
Phillips, who moved to the Fylde coast club from Wycombe Wanderers two years ago, was a star performer at Bloomfield Road as the Seasiders reached the Championship play-off final last season.
The 21-year-old hit 18 goals for Ian Holloway's side, resulting in speculation that he was interesting a number of Premier League clubs.
Southampton's reported bid comes days after Holloway pledged to report an unidentified club to the FA after claiming an illegal approach had been made for Phillips.
Some reports alleged that Southampton were the club Holloway was talking about, but Saints boss Nigel Adkins said: "It's a shame that Blackpool have had to go and do things via the media in the way that they have done.
"I don't think there is any hiding from the fact that Matt is a player that we have been an admirer of for the past few years, and I think in the last couple of weeks he has probably been identified as a target for a number of teams in the Premier League.
"I know that from the chairman's point of view he has been in contact with the Blackpool chairman and that we have had a conversation with their chief executive, and I have spoken to Ian Holloway myself, so it's not as if there has not been an interest demonstrated from Southampton."
Adkins said the south coast club "like to think that we do everything properly, by the book and we will continue to do our matters privately and behind the scenes".
He added: "Obviously this situation has now arisen and we will take action on that and respond in the appropriate manner."
Meanwhile, Saints full-back Danny Fox says Southampton's players will approach their Premier League opener away to Manchester City with no fear.
"Everyone knows how good Manchester City are - we watched them last week against Chelsea in the Community Shield," he said.
"Obviously we are going there as underdogs, but it is a game we have to go into with no fear, play the way we have been taught to and hopefully we do ourselves proud."
He said the Saints could take heart from the success of Swansea and Norwich last season after their promotions from the Championship.