Oxford have rejected an improved offer from Bristol Rovers for striker James Constable.
The U's dismissed an initial bid from their npower League Two rivals at the end of May and Rovers' latest attempt to snare the 27-year-old has fallen short of the club's valuation.
Oxford chairman Kelvin Thomas told his club's official website: "After receiving a second offer from Bristol Rovers which was discussed over the weekend and bank holiday, we have decided to turn the offer down."
Thomas added: "The offer from Bristol Rovers was a reasonable one but quite a bit less than what we have both rejected and accepted in the past.
"Our position has always been clear on the value of our players. We do not need to sell financially and will only consider offers which give the club good financial return, while also allowing us the ability to replace a player.
"Of course it is a compliment for the club and for James that there is interest but, as we have shown in the past, we are not in a weak financial position that means we have to accept any offer that comes our way."