Crystal Palace have had a £12m bid for Eberechi Eze rejected by QPR, with West Brom and West Ham also in contention to land the England Under-21 international.
The attacking midfielder enjoyed a major breakthrough season during the 2019/20 campaign, hitting 14 goals and emerging as one of the most exciting young players in the Championship.
According to the Guardian, Palace placed a £12m plus add-ons bid on Monday for Eze. QPR had initially been looking for £20m for the 22-year-old, but given the current financial circumstances, this has been reduced to around the £16m mark.
West Brom secured promotion to the top flight after a two-year absence on the final day of the Championship season following a 2-2 draw with QPR - with Eze himself scoring a stunning solo goal - and the club held informal talks with the Hoops last week.
West Ham are also interested in the youngster - although any transfer would first be dependent on the Hammers raising funds by shifting Felipe Anderson and Manuel Lanzini.
Eze established himself in the QPR first team during the 2018/19 season, having spent time out on loan at Wycombe the previous year.
Despite having their initial bid rejected, Palace are expected to return with an improved offer. The Eagles have had their eye on Eze for some time, but will likely have their transfer activity determined by the movement of Wilfried Zaha this summer.
The Toffees are reportedly ready to renew their interest again during the transfer window, but could face competition from Newcastle.
Palace are poised to be prepared to let Zaha go if the price is right - which is reportedly around the £40m mark.