Ajax have confirmed they rejected an offer from Valencia for Chelsea target Gregory van der Wiel.
The Dutch defender has attracted plenty of interest in recent months, and Manchester City have also been linked with a swoop for his signature.
However, Valencia have beaten Chelsea and others to the first bid for van der Wiel, although it did not match Ajax's valuation of the 23-year-old.
"The bid Valencia offered was too low and, in our view, showed little respect for Gregory especially given his track record and enormous potential," technical director Danny Blind told ajax.nl.
"Despite still only being 23 he has become an important part of the Ajax team and is a fixture with the Holland team that reached last year's World Cup final."
Blind also confirmed that the club had no intention of selling van der Wiel in January, although would consider letting him leave the Amsterdam Arena during the summer.
This is likely to alert Chelsea to the potential availability of van de Wiel,who has been frequently linked with a move to Stamford Bridge in recent months.
Andre Villas-Boas is said to be keen to bring in reinforcements at right-back, due to concerns over the suitability of Jose Bosingwa.
However the Blues are expected to have to contend with Valencia, should Villas-Boas decided to formalise his interest in the Holland international.