Portsmouth have had a written offer for Hamilton's teenage winger James McCarthy rejected by the Clydesdale Bank Premier League club.
McCarthy has taken the SPL by storm in his debut season and his form was recognised at the weekend when he was named the league's Young Player of the Year.
"Portsmouth have made a written, formal offer for James but we have rejected it out of hand as it does not come close to our valuation of the player," Hamilton chairman Ronnie McDonald told the Daily Record.
The 18-year-old McCarthy has a contract with the Accies until 2011, however, his performances have raised the attention of a number of clubs with Celtic also apparently keen on the player.
But Portsmouth have been the first to make a formal offer, believed to be worth Â£500,000.
"James has two years left on his contract and has repeatedly said he is happy here," McDonald added. "He and the rest of our talented young players know we will not stand in their way when an offer comes in that's right for them and for the club.
"There have been a lot of verbal inquiries and offers for James, but Portsmouth is the first written offer."
McCarthy revealed after receiving his Young Player of the Year award on Sunday that he would consider extending his current Accies deal, although he did not rule out a summer move.
"I'm happy with what I'm doing for this club and if someone comes in, we'll sit down and speak," he told PA Sport.
"Definitely. I'm happy with what I'm doing here so we just need to sit down and talk."
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