Chairman David Sullivan has dismissed Tony Fernandes' bid to buy West Ham as derisory.
Fernandes, the Malaysian businessman behind AirAsia and the Lotus Formula One team, announced on Wednesday he had submitted an offer for the club he supports.
But Sullivan told the Evening Standard: "Tony Fernandes wanted to buy 51% of the club for two bob. He thinks somehow that we are desperate to have him involved or desperate for the small amount of money he offered for 51% of the club."
Fernandes first expressed an interest in taking over West Ham in 2009 but lost out on that occasion to Sullivan and his business partner David Gold.
Sullivan and Gold do want to attract new investors into a club that is saddled with debts that could rise to over Â£100million following relegation from the Barclays Premier League.
"We are not looking to sell the club but, as we have always said, we would love co-investors to join us in rebuilding West Ham United, which has been our aim ever since we took charge back in January 2010," said Sullivan.
"In the event that a serious investor came forward as was the case at Chelsea and Manchester City, we would naturally consider it for the good of the club - but this is certainly not the case in this instance."
West Ham on Wednesday appointed Sam Allardyce as the club's 14th manager and Gold confirmed he is under no pressure to sell star players like Scott Parker.
Matthew Upson is out of contract and is expected to leave while Parker, the Hammers' player of the year, is sure to interest a number of Premier League clubs. Striker Carlton Cole and goalkeeper Robert Green could also be summer targets for top-flight clubs.
Gold said: "Will he be able to keep our best players? He has got the remit to do so and we hope in some cases he will."