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However a bid of just £700,000 has been turned down, and labelled pathetic by Paul Jewell.
He told the Mirror Newspaper: "Rangers 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's a player we paid £700,000 for when we were in the 'old' Third Division."
Not only that, but to offer such a low amount for a player who has proven himself at international and Premiership level, and in todays market, a bid as low at £700,000 is pathetic.
In my opinion, considering how much we have improved McCulloch, and the fact he is still in his prime, i would demand £4million.
One rumour has it that Jewell will demand a player as part of a swap deal, although Jewell's preference is to keep McCulloch at the JJB Stadium.