Southend have turned down a £1.5million offer from Norwich for striker Freddy Eastwood.
The Canaries, who are also hoping to push through a deal for Scunthorpe's Billy Sharp, have been told to increase their offer if they are to stand a chance of landing Eastwood.
Chairman Ron Martin has revealed the 23-year-old, who was also the subject of a bid from Wolves earlier in the summer, will only be sold for substantially more than £1.5million.
He told the Southend Standard: 'Norwich have made a bid for Freddy but I have told them that they are not offering enough.
'Freddy is being dramatically undervalued and is worth a lot more to this football club than £1.5million.
'That is what I've told Norwich and I still don't want him to leave.'