Blackburn have rejected two official bids from Chelsea for winger Damien Duff, BBC Radio Lancashire reports.
Rovers chief executive John Williams is refusing to disclose the size of the offers.
However, he confirmed Duff has an escape clause in his contract which allows him to talk to other clubs if they offer a certain figure.
Williams admitted the bids were "close" to that figure and that could prompt Chelsea to return with a new bid.
Williams also revealed that Duff negotiated a release clause in his contract when he signed a new four-year deal at Blackburn last season.
The Rovers chief continued: "It depends how serious Chelsea are about wanting to sign him. There is a release clause in the contract he negotiated last year.
"If conditions are met with the bid naturally we would be obliged to let Damien talk to Chelsea - or any other club who met them and the decision would rest with the player.
"There has been intense press speculation and I don't think it's fair to talk about the amounts (of the bids).
"But a very serious bid has been made and rejected - and we want the player to stay."
The London club have money to spend in the transfer market following the takeover at Stamford Bridge by Russian billionaire Roman Abramovich.
A host of other top players from around Europe have been linked with Chelsea and an undisclosed fee - thought to be £6m - has been agreed with West Ham for Glen Johnsen.
Meanwhile, Blackburn are set to complete the signing of Lorenzo Amoruso by Saturday.
The Italian centre-back, who is joining from Rangers, will sign a two-year contract at Ewood Park.
chelski could be a good place for him cuz they'll be able to afford him and also they have the all important CL place