Birmingham City have rejected a third bid from Sky Bet Championship rivals Bournemouth for winger Demarai Gray, according to Sky sources.
Demarai Gray: Bournemouth see third offer turned down
The bid is believed to have included a £3m down-payment plus £500,000 in add-ons, a significant increase in the Cherries' previous offers for the 18-year-old.
But Birmingham are keen to hold on to their exciting Academy product, who has grown into a regular role since the appointment of Gary Rowett as manager.
His breakthrough game came against Reading in December, when he scored three of his four goals this season in a 6-1 victory.
That performance was enough to see him named Championship Young Player of the Month.
As well as Eddie Howe, Gray has plenty of admirers in the Premier League with Liverpool, Tottenham and Newcastle reportedly among interested parties.
Meanwhile, Birmingham have allowed defender Neal Eardley to join Leyton Orient on a month's loan.
Eardley has struggled with injury over the last two seasons and has made only six appearances this season, just one of those since the middle of October when he was sent off against Blackburn.