Newcastle United have rejected a bid from Tottenham Hotspur for midfielder Sandro Tonali.
It is understood an offer worth about £80m was turned down earlier this week.
BBC Sport previously reported Spurs manager Roberto de Zerbi was a long-time admirer of Tonali and that the club were exploring the finances of a deal for the 26-year-old Italian.
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However, their opening proposal was declined by Newcastle, who are in a strong position to command a greater fee closer to £100m as Manchester City and Arsenal monitor developments.
Newcastle have already sold Anthony Gordon to Barcelona, but the club’s chief executive, David Hopkinson, has previously made it clear they will only trade players on “our terms”.
Tonali is effectively contracted until 2030 after he signed a new deal during his 10-month betting ban to repay the faith the club showed in him.
The current market might also work in Newcastle’s favour, if a bidding war ensues, given the valuations of midfielders elsewhere.
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Manchester City had a second bid worth about £120m rejected by Nottingham Forest for Elliot Anderson, while relegated West Ham want up to £80m for Mateus Fernandes.
Analysis – Shift in approach from Spurs but Newcastle unmoved
There may have been scenes of celebration at full-time at Tottenham Hotspur Stadium after De Zerbi’s side avoided relegation on the final day of the season.
But there was a recognition internally that the club must never find themselves in such a dire position again.
Chief executive Vinai Venkatesham vowed “change is happening” in an interview with BBC Sport in May, and there has certainly been a shift in approach.
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Spurs have already spent £52m on defender Jan Paul van Hecke, which would have been an unimaginable prospect once upon a time, given he had just one year left on his contract at Brighton.
They have also looked to capitalise on their revenue by adapting their wage structure, and signed Andy Robertson and Marcos Senesi on free transfers before the window even officially opened.
Although Spurs’ opening gambit was unsuccessful, this approach for Tonali also marks a shift for a club who have never spent more than £65m on a player.
However, it was rather telling that the bid was swiftly rejected by Newcastle.
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In a week when Newcastle lost out to Liverpool in the race to sign Spain winger Victor Munoz, it would have been damning if Spurs succeeded with their opening bid for Tonali.
It is clearly going to take a great deal more to tempt Newcastle to cash in.
