Arsenal have seen a "derisory" bid for Bolton defender Gary Cahill rejected by the club.
Arsenal are in the market to bolster their backline after the club's transfer funds were boosted by the sales of Cesc Fabregas and Samir Nasri, and also their qualification for the Champions League group stage.
Arsene Wenger has been credited with an interested in numerous centre-backs, including Cahill, and now it appears the Gunners have firmed up their interest in the England international.
However, Bolton have rebuffed the offer amid claims in Friday's press of the fee being in the region of £6 million for Cahill, who has a year remaining on his current contract.
Coyle said: "There was a conversation between (Bolton chairman) Phil Gartside and a representative of Arsenal. I'm only passing this on as a third party, but the word derisory doesn't even cover it.
"When I make an offer for a player, I'd like to think in the right ball park, but this wasn't even close. I spoke to Gary Cahill about it before the Macclesfield game, and he knows everything that's going on."
However, of the allegations of a £6 million bid, Wenger has said: "That number is wrong. It is completely wrong. I believe every negotiation is between two parties and you only have to sell the player if you are all right with the price.
"In this case the information is below what has been spoken about. You only have to sell the player if you are all right with the price. It is not true. You can believe Gartside or you can believe me. It's not right. It's not the truth.
"If Gartside can say I am lying I am ready to confront him. The truth is that we never speak about our negotiations. If a club doesn't want to sell a player it can keep him. When we sign a player we come out here and tell you and keep the price a secret.
"They do not need to sell the player, they can keep him. If you ask do I want to buy your house and you are not happy with the price you say no, that's it.
"Why should you feel insulted? I don't understand. If the player is not for sale they can keep him. I don't understand the problem. If we want to buy the player we buy the player. I do not have to explain for how much."
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