Swansea have rejected a second bid from Everton for playmaker Gylfi Sigurdsson, according to multiple reports.
The Welsh club turned down an offer for the Iceland international reported to be worth £40 million from the Toffees earlier this month.
Sources now say Everton have tabled a new bid of around £40m with potential add-ons that could take a final package closer to £45m.
That, however, remains short of Swansea's valuation of the player and the Liberty Stadium outfit are thought to be holding out for £50m.
Sigurdsson's future has been the subject of speculation throughout the summer with reports claiming Leicester were also interested in the 27-year-old.
The former Tottenham midfielder did not travel with the Swans squad for their preseason tour of the United States with the club reporting he was not in "the right frame of mind.''
Owners Steve Kaplan and Jason Levien also issued a strongly-worded statement saying they would not sell unless they received an acceptable offer.
"We will not be bullied or forced into a decision until a club meets our valuation of the player, no matter whether they believe they have an agreement with the player,'' it read.
Sigurdsson was instrumental as Swansea preserved their top-flight status last season. He scored nine league goals and had 13 assists, earning the club's player of the year award for a second successive season.
Sigurdsson joined Swansea from Spurs in 2014 after an indifferent two-year spell at White Hart Lane. He had previously played for the Swans on loan from Hoffenheim.