Watford have rejected a bid of around £2.5m for striker Danny Graham from QPR, BBC Three Counties Radio reports.
It is also believed the Hornets have dismissed more than one offer from Brighton for winger Will Buckley.
Graham, 25, is the Championship's top scorer with 24 goals, and has found the net 41 times in 98 games since arriving from Carlisle in 2009.
Buckley, 22, a signing from Rochdale 16 months ago, has gone on to make 43 Watford appearances.
Last week Graham signalled his intention to make the step up to the Premier League, telling BBC Three Counties Radio: "There's going to be speculation, I'd be devastated if there wasn't.
"I'm contracted to Watford, I love it here, but I'm not going to lie or kid anyone, I want to play at the top level.
"If that happens, it happens. If not, and another Championship club comes in, I'm not interested.
"I want to be a Premiership player, I'm not going to hide the fact, but we'll see what happens."
The Hornets have suffered much-publicised financial problems and selling leading marksman Graham would help ease their worries.
But boss Malky Mackay has spoken of his determination to keep hold of Graham, and at the turn of the year the club handed him a two-year deal with the option of a further 12 months.
If Graham were to leave Vicarage Road, Carlisle would be entitled to a sell-on fee as part of the deal that saw the frontman move to Hertfordshire.
Buckley has epitomised Watford's young enthusiasm this term, playing 37 times as the Hornets defied pre-season expectations by finishing 14th.