Bayern Munich's latest £86 million offer for Harry Kane has been rejected by Tottenham.

The German champions were hoping to snag their man after a protracted saga this summer.

However, Spurs chairman Daniel Levy has stood firm in his insistence that Kane will not be sold on the cheap.

The Mail states that Kane is valued at £120 million by Spurs, despite only having a year left on his contract.

The Premier League club believe if they have a positive season, they can convince Kane to renew his contract.

If he does not sign on new terms, Kane can leave for any team in the world on a free transfer next summer.