Celtic have failed in an initial bid to lure teenager James McCarthy, the hottest property in Scottish football, to Parkhead from Hamilton.
Hamilton boss Billy Reid confirmed the Hoops had made an offer for the midfielder but said it would be turned down.
"The club have received an offer for James. I can say at this stage that it will be rejected," Reid said.
Hamilton, who recently won the Scottish players' Young Player of the Year award, has already been the subject of a bid from English Premier League club Portsmouth but his agent has indicated that he would prefer a move to Celtic, who will now have to decide whether to return with an improved offer.