Wigan Athletic boss Paul Jewell has rejected Rangers' £750,000 bid for Scotland international midfielder Lee McCulloch.
Jewell insists his valuation of the 28-year-old former Motherwell star is far in excess of the Gers' offer.
"The offer they made can only be described as derisory - in fact, it's insulting," said the Latics boss.
"We paid £700,000 for him when we were in the old Third Division. Since then he's become a Premiership player and a full international.
"If Rangers - or any other club - think we'd sell an established player and international for such a paltry sum then they're sorely mistaken."
McCulloch has scored 45 goals in 226 appearances for Wigan since moving to the JJB Stadium almost six years ago.