Press Association Sport understands that talks between the two clubs are still ongoing despite stories north of the border on Tuesday morning claiming that the Rams have had an offer in the region of £750,000 accepted.
Having already concluded deals for goalkeeper Lee Grant and striker Chris Martin, Russell is Derby's primary transfer target this summer.
The 23-year-old has a year remaining on his contract at the SPL club and has told United he will not sign an extension.
Russell scored 20 goals in 38 games for the Tangerines last season.
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