Mark Hughes has revealed that Manchester City have seen a 'substantial' bid for Roque Santa Cruz knocked back by Blackburn.
The Blues have been strongly linked with the Paraguay international for some time, with a January approach widely touted.
That offer from Eastlands has been forthcoming, but Rovers are unwilling to do business at present.
Hughes, who worked with Santa Cruz during his time in charge at Ewood Park, remains hopeful that an agreement can be reached and admits City are prepared to persevere with their efforts to sign the South American hit-man.
"We have made an improved bid, a substantial bid, and it was rejected," said Hughes.
"We still want to bring Roque Santa Cruz to the club if we can, but he's still Blackburn's player and at the moment they don't want to deal at the level we are at.
"We will make any future decisions in regards to their response.
"We bid £12million in the summer and it (the latest offer) was significantly higher than that.
"We will now have to wait and see."
Hughes also admitted to making formal approaches for West Ham duo Scott Parker and Craig Bellamy since the transfer window opened, but revealed that those deals have put been on hold.
"We made an initial enquiry (for Parker) and I think it's well documented that we made an enquiry about Craig Bellamy as well," he said.
"We made a double bid which was rejected and we haven't got back to the table on that one."
While Hughes remains optimistic that he will be able to bolster his squad in the coming weeks, he did dismiss speculation linking City with a move for Newcastle goalkeeper Shay Given.
"No, I don't think there has been an offer for Shay Given," he said.
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