Bolton have turned down a bid from Arsenal for Gary Cahill, described by manager Owen Coyle as "derisory".
"When I make an offer for a player, I'd like to think it's in the right ball park," said Coyle on Friday.
"But this wasn't even close. I'm only passing it on as a third party, but the word derisory doesn't even cover it."
In June Coyle said he was resigned to losing the 25-year-old centre-back - who is now in the final year of his contract - this summer.
The Gunners have a raft of injury problems, and defenders Laurent Koscielny and Sebastien Squillaci both missed the club's Champions League qualifying win at Udinese on Wednesday.
The transfer window closes on 31 August.
Arsenal have received nearly £60m for the sales of Cesc Fabregas and Samir Nasri this summer, and manager Arsene Wenger insists the money that has come in is available for him to buy players.
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