Chelsea chairman Bruce Buck has stressed the club want to keep midfielder Frank Lampard.
The club earlier confirmed they had rejected Inter Milan's £7.95million offer for the England international.
Chief executive Peter Kenyon said earlier he expects Lampard to honour the final year of his contract at Stamford Bridge if they cannot persuade him to sign a new deal, although the player is alleged to be unhappy his future at the club remains unresolved.
But Buck confirmed the club's offer of a contract extension remains on the table.
He told Chelsea TV: 'We would like Frank Lampard to stay at Chelsea for the long-term.
'We have offered him what we believe to be a very good new contract.
'As is his right he has decided at the moment not to accept that contract - but there is one year remaining on his current contract and we expect and hope he will honour that contract.
'Even for the course of that year there is still the opportunity for him to complete a new contract because the offer we have made him remains on the table.'
Inter Milan have not given up hope of taking the player to the San Siro, according to Beppe Baresi - assistant to Inter's former Chelsea boss Jose Mourinho.
But Buck added: 'With respect to Inter Milan, the day before yesterday they sent us a latter asking if we would talk to them about Frank Lampard, we responded and said 'no'.
'Yesterday they sent a letter with a cash offer for Frank Lampard and again we responded. We are not interested.'