Bolton manager Owen Coyle says the offer made by Arsenal for Gary Cahill was a "million miles short" of their asking price for the centre-back.
Coyle has said he is resigned to losing the 25-year-old, who is now in the final year of his contract, and admits if a club meet Bolton's valuation of the player then a deal "might be done".
The Bolton boss adds that he hopes to sign two or three new players before the transfer window closes on 31 August.