Ipswich Town have rejected a second bid for Flynn Downes from Premier League club Crystal Palace.

The EADT and Ipswich Star understands that the Eagles’ initial offer earlier this summer was in the region of £1m and that they are now close to their valuation of £2m.

That price is way below what Town believe their rising star is worth in the current market.

National reports have suggested the Blues are ‘holding out for £4m’ for their prized asset, though it’s believed that owner Marcus Evans is determined to keep hold of the 21-year-old midfielder and will only consider a sale if the bidding gets near the £8m mark.

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Whether the two clubs ultimately end up meeting somewhere in the middle prior to the domestic transfer window closing on October 11 remains to be seen.

Downes, who is a protected asset until 2023, has also been linked to West Ham and Arsenal in recent weeks, though it’s understood that neither club has made an enquiry.

Asked if he expected to be an Ipswich player this season in an interview with BBC Suffolk this week, the youngster said: “Yeah, hopefully. We’ll see. You can never say for sure, but hopefully I will be. I’ve heard little bits and bobs, but I’m just focusing on the football. That’s all I can say really. Everything will be taken care of.”

Back in June, Blues boss Paul Lambert was asked if there was a chance that the club might have to sell someone like Downes this summer.

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He said: “That can happen at the best of times. Clubs can’t stop it. The money would have to be right but we also have to remember where the club is at and how things have impacted it.

“We have so much to discuss and work out what’s best for the football club but there has to be some realism there.

“As I’ve said before if someone comes in with a hell of a lot of money are we in a position to turn it down? No, we’re not.

“In my opinion Flynn’s the best midfielder in the league.”

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Back in January, when Premier League club Sheffield United were reportedly set to make a £3m bid for Luke Woolfenden, Lambert said: “You can put another three in front of that and then I might think. Three million?! Three million doesn’t even buy you a flake! There’s absolutely no chance whatsoever that would ever happen.

“The big lad is playing fantastically well, everybody knows it. Three million? No way. Put it this way, I won’t let the same mistakes happen like happened with (Adam) Webster and the boy (Matt) Clarke, that’s for sure.”

Eagles boss Roy Hodgson is looking to sign players that can be developed this transfer window.

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Palace have today signed hotly-tipped England U21 attacker Eberechi Eze from Championship club QPR in a deal said to be worth £16m plus add-ons.

The South London club have already signed England U20 full-back Nathan Ferguson from West Brom.