The 21-year-old was away on international duty with England´s Under-21s last week but in his absence his father Alf, who represents the Greenwich-born player, revealed he had turned down the Magpies´ offer and voiced his disappointment at the financial package.
Allardyce said: "Steven Taylor is a key member of our squad. We want him to stay, apparently it sounds like he wants to stay, so hopefully we can resolve the problems. At the moment, we seem to be some way off, but we won´t get sucked into paying somebody that we think is asking for too much."
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