Rangers have rejected a £3.5 million offer from Bolton Wanderers for Pedro Mendes.

The Daily Mail says Ibrox chairman Sir David Murray rejected Bolton's overtures, despite having previously stated that he wanted a £3.5m sale to balance the books.

Wanderers' boss Gary Megson, whose interest came after midfielder Kevin Nolan moved from the Reebok to Newcastle United for £4.5m, had been linked with Rangers skipper Barry Ferguson over the weekend - before turning his attentions to the new Ibrox favourite.

But Jon Smith, partner in First Artists, the English agency who represent the former Portsmouth player, revealed: "Mendes won't be leaving Rangers because Sir David Murray doesn't want to sell him - and Pedro doesn't want to leave.

"He and his family are settled in Glasgow and he is enjoying life as a Rangers player. There were some discussions over the course of Sunday, with a club interested in him.

"However, David Murray and I are good friends and there was mutual agreement that there should be no transfer."