The Moroccan international was a key part of Montpellier's 2011-12 title-winning team - along with Arsenal's Olivier Giroud - and he has been tipped to follow the French striker to the Premier League.
And Nicollin has admitted there's been offers from England, and that he'd accept a cut-price bid for the talented 23-year-old.
"We'd need to get €15m, but I'd settle for 14 or 12," said Nicollin. And when asked about specific bids for Belhanda, Nicollin said: "From France, no, but from England, Germany and the United Arab Emirates, yes."
The ESPN report claims Arsenal and Tottenham are only two of a number of clubs interested in the young playmaker.
The likes of Bayer Leverkusen and Fenerbahce have also been linked, while Nicollin told 10 Sport last week that AC Milan, Inter Milan, Atletico Madrid, Galatasaray and Aston Villa have all made inquires regarding Belhanda.
Montpellier finished 9th in Ligue 1 last term, with Belhanda scoring 10 goals and providing three assists.
The Moroccan developed a strong understanding with Giroud during their time together on the French south coast, and the Gunners could be tempted to reunite the pair at the Emirates Stadium.
But Arsene Wenger also has his eye on Belhanda's teammate, Remy Cabella, although the France under-21 international will not be sold on the cheap, according to the Monpellier chief.
"I didn't say he was 'untransferable'," Nicollin said regarding Cabella. "I think that it's in his interest to stay another year or two at Montpellier.
"If a club wants to give us €40m or €50m, we'll sell. But that would be stupid."