Liverpool have had a £3.5million bid for Birmingham midfielder Jermain Pennant turned down, it was reported today.
Birmingham confirmed they are in negotiations with the FA Cup winners over the player but said they will not be budged from their valuation, believed to be over £5million.
'The two clubs have talked on a number of occasions but we are a long way off in our respective valuations of the player,' said a Birmingham statement on their website.
'Until Birmingham's valuation of the player is met, we will not consider a move for Pennant.
'As Birmingham City have continually stated, they are not looking to sell any of their best players.'
Blues boss Steve Bruce added: 'There has only been one bid of around £3.5million but we don't want to sell him for that.'
The fee could prove a stumbling block with Liverpool manager Rafael Benitez insisting his club will not be held to ransom.
'We are continuing to work to bring in more players, but it's difficult to say where we are at this moment, it depends on two or three factors,' Benitez told the Liverpool website.
'We are closer with some players, but I'm not the kind of manager who will say 'I want this player and I'll pay £20millionto get him' if his value is only £10million. We don't have the money for doing this and we have a responsibility.'
