Blackpool have rejected a transfer request that was submitted by captain Charlie Adam on Monday.
Liverpool failed with a £4 million offer for the player on Saturday and it appears Blackpool's decision to spurn an approach from Kenny Dalglish's side forced Adam's hand. However, the club have told the former Rangers midfielder they want him to remain at Bloomfield Road.
Manager Ian Holloway said in a press conference on Monday: "I expected it as Liverpool are a massive club, but until they come up with an offer that we are accepting - then there is no story. He can't dictate, he has got too long a contract.
"£4 million is not acceptable to us. Damien Comolli [Liverpool's director of football strategy] rang my chairman last night, faffing about. My chairman said he did not make any sense. You either make an offer that is acceptable or you go away.
"He has got this year and next year on his contract and we won't be accepting that offer. It is either put up or shut up."
Holloway can understand Adam's desperation to leave, but insists the club want to secure the best price for the former Rangers man.
He said: "If I was him I would want to play for Liverpool, but I was not good enough. I think he will be brilliant for them. But I obviously rate him higher than anyone else. I would not sell my house to someone who likes it, not unless they offer the money I think it is worth."
Holloway has fought an often bitter battle to retain the services of Adam in January, particularly when criticising Aston Villa for their conduct in making a "derisory" approach for the player.
"We're not talking to any clubs, so it's not as if there are negotiations that you hope break down," he said. ''It's a compliment when you've a team chasing you that would love to have you in their squad. It's speculation, but it's positive. When you go into a game on the back of a defeat and you read someone wants you, it's a great lift.
"But to get such a compliment it can only help you as a player and the football club as a whole. But we're not here to try to find business, we don't need to sell players to balance our books, and that's always our position."