Bristol City striker Nicky Maynard will be put up for sale in January after failing to agree a new contract.
Maynard has been in negotiations since the summer as his current deal expires at the end of the season, when he would be allowed to leave for free.
City turned down a bid for the 25-year-old, thought to be around £6m, from Championship rivals Leicester in June.
"You reach a point where you have to protect the club," chairman Colin Sexstone told BBC Radio Bristol.
"It's a mark of the club's ambition that we have tried everything we can possibly do to get Nicky signed up to a longer contract. We'd still like him to sign a contract, and we will keep trying.
"At the moment he doesn't want to discuss contracts and because we are getting close to the window, we change our tack slightly.
"Whereas before we were doing everything we could not to encourage offers for Nicky, clearly now time is pushing us and we will now listen to offers."
Bristol City paid Crewe £2.25m for Maynard in July 2008 and he has gone on to score 45 goals in 125 appearances, but the forward has openly expressed his desire to play in the Premier League.
It is thought Nottingham Forest and Southampton were also interested in Maynard over the summer, but Leicester were the only side to approach City with an offer.
Sexstone is confident City's key man will attract more attention when the transfer window re-opens in the new year.
"We only had one firm offer in the summer, from a club that Nicky made quite clear he didn't want to go to," added Sexstone.
"Goalscorers of Nicky's class are few and far between so I expect there to be interest.
"Hopefully there will be some closure in January, with either Nicky signing an extended contract or we do sell, which I think will be the best for everybody as then we can move on."