Wigan manager Paul Jewell has warned Rangers their £750,000 offer for Lee McCulloch came nowhere near the Latics' valuation.
New Rangers boss Walter Smith had been looking to make McCulloch the latest addition to his squad, following David Weir who joined from Everton on Monday.
However Wigan have dismissed the bid from Ibrox as 'insulting', indicating only a substantially increased sum could tempt them to sell the 28-year-old.
Jewell said: 'Rangers have made an approach for Lee McCulloch, but the offer they made can only be described as derisory. In fact, it's insulting.
'They offered us £750,000. He is a player we paid £700,000 for when we were in the old Third Division. Since then he has gone on and become a Championship player, a Premiership player and a full international.'
Jewell stressed that the Scotland forward, who is contracted to Wigan until summer 2009, would stay at the JJB Stadium unless a large seven-figure offer came in.
He added: 'If Rangers or any other club think we would sell an established player and international for such a paltry sum then they are sorely mistaken.'