The Honduras international has become a regular in the heart of the Latics midfield since and his performances have linked him with moves to Manchester United, Real Madrid and Spurs, who lodged the bid for the 24-year-old earlier today.
Whelan, who also faces the prospect of losing sought-after pair Emile Heskey and Amr Zaki at the end of the season, believes Palacios is worth far more than £10 million, but refused to rule out selling the player.
"They can come back or forget it, £10 million is not enough for him so we will wait and see what they do," Whelan said.
"We are looking for more than that. It would be unfair for me to tell you what we are talking to Tottenham Hotspur about. It is private business but we are looking for more than that, that's for sure."
Speaking after the Latics' 1-0 defeat at Manchester United on Wednesday night, Wigan boss Steve Bruce admitted he was powerless to stop either Palacios or any of his other sought-after players leaving the club.
"We are realistic at Wigan. We do offer them the chance to come to the Premier League and prove themselves to be Premier League footballers," Bruce told Sky Sports News.
"The big boys start circling and coming to nick your players and unfortunately, if they pay enough, then they are always going to get their own way, that is the way of the world unfortunately.
"We don't want to lose anyone but everyone knows in football that everyone has their price and of course we can't deny the players that opportunity to further their careers."