Manager Mark Cooper says Swindon Town will only consider selling Nathan Thompson if they received a significant fee for the right-back.
It has been reported that Leeds and League One rivals Peterborough are interested in the 23-year-old, who captained Town for part of last season.
But Cooper told BBC Wiltshire: "It would take an awful lot of money.
"I wouldn't see the benefit of selling him to a team in our league, or a rival, for a couple of hundred grand."
Thompson, along with younger brother and team-mate Louis, grew up in Swindon and came through the club's academy.
Nathan has made 84 first-team appearances for the League One outfit and signed a new two-year contract last summer.
Speaking to BBC Radio Cambridgeshire on Wednesday, Peterborough manager Darren Ferguson declined to comment on rumours linking them with Thompson.
And Cooper, who previously managed at London Road, said he had received no contact from Posh or from Leeds head coach Dave Hockaday.
"As of yet, no-one has rung me. I've seen about Leeds and I'm good friends with Dave - he's certainly not rung me about Nathan," confirmed the Town boss.
"I worked for Barry Fry [Peterborough director of football] and Barry's not rung me about Nathan."
Cooper added: "If it's a life-changing move and it fits the club and the player, then I'm sure something will happen.
"But I don't think going to another League One club would benefit Nathan. Maybe it would it if was Sheffield United or someone like that, but even then they'd still have to come up with the money."