If no compensation figure can be agreed with a club then a tribunal will decide how much Town get for Jacobs, who confirmed this week he would not be signing a new contract at Sixfields.
Derby have made their interest public but talks with Town chairman David Cardoza have so far proved fruitless.
Cardoza told the Northampton Chronicle: "With regards to the Derby bid, they are a million miles away from signing Michael.
"Their valuation is a million miles out. A lot of figures are being quoted at the moment and it could end up being anything.
"Aidy (Boothroyd) and I have an asking price that we have come to between us that we feel would be acceptable and we want it to be with as few sell-on clauses as possible."
The Northampton chairman is also expecting an offer from an unnamed Premier League club in the 20-year-old midfielder as the summer transfer market slowly clicks into gear, further proof if that materialises that top-flight clubs are prepared to look down into the basement division for new signings after Manchester United's deal to snap up Crewe Alexandra forward Nick Powell.
Source: FOOTYMAD
