Watford have reportedly turned down an improved offer from champions Leicester City for Troy Deeney.
The Foxes have been heavily linked with a move for the Hornets forward as a possible replacement for Jamie Vardy, should he leave the King Power Stadium.
According to the Watford Observer, however, the Hertfordshire club have rejected a £25m bid for the 27-year-old.
It is thought that Watford have reiterated that Deeney, who scored 20 goals in each of the last three seasons, is not for sale at any price.
The Hornets finished 13th last season and reached the FA Cup semi-final.
