Birmingham have rejected a bid of £3.5million from Bournemouth from Demarai Gray.
The Cherries' fourth offer, which could have risen to £4million with add ons, has been immediately dismissed by the St Andrew's club, the Press Association has reported.
Birmingham are under no pressure to sell the winger and the Sky Bet Championship leaders are yet to come close to an acceptable valuation.
Gray, 18, is contracted to Blues until 2016 and the club have offered him a two-year extension. Bournemouth's interest is believed to be extremely unwelcome.
He had scored four goals in 24 games this season, including a hat-trick in December's 6-1 win over Reading.
Gray has helped Birmingham rise from second bottom of the Championship to 11th and played in Tuesday's 0-0 draw at Sheffield Wednesday.
Boss Gary Rowett started him on the bench for Saturday's 2-1 FA Cup defeat to West Brom as he wanted to take the England Under-19 international out of the firing line.
"There had been a lot of speculation about him, it was a big game and I just wondered whether it might be a little bit too much for an 18-year-old," he said, speaking on Saturday.
"I felt it might be nice to get him out of the limelight a little bit and that his pace and trickery might be best served as impact later on in the game.
"I have had lots of conversations with him recently, he has never once told me that he is keen on leaving the club."
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