Liverpool's £35 million striker Andy Carroll was valued at just £1 million by Newcastle United at the end of last season.
Carroll's value was set in a business plan commissioned by Newcastle owner Mike Ashley at the start of the 2009-10 campaign as he attempted to sell the club, according to The Sun.
Gateshead-born Carroll, who became Liverpool's record signing in the January transfer window earlier this year, was even earmarked a player to "monitor" as Newcastle were not sure he could help lead them back to the Premier League.
A Newcastle source told The Sun: "There were soundings taken around the club about how players should be valued and there was a feeling Andy still had to prove himself.
"He was a young lad who wasn't established in the first team and he had limited experience in the Premier League.
"It was a case of seeing how he got on at the start of last season. Andy did really well and started scoring plenty of goals.
"But if anyone had come in with a £1 million offer that summer you wonder what the club would have done."
Carroll went on to score 17 league goals in Newcastle's promotion season. Then, after continuing with 11 in 19 games in the Premier League and winning a first England cap the 22-year-old's value rocketed.
Tottenham failed to sign the 6'3" forward with a £20 million bid in January and Liverpool swooped on transfer deadline day after selling Fernando Torres to Chelsea for £50 million.