But the 21-year-old still harbours ambitions to play for the Old Firm or a Premier League side in the long term.

McGhee told chairman John Boyle he wants to keep his best players for Motherwell's UEFA Cup campaign next season - and told Reynolds he can add to his value if he continues to shine.

Reynolds said: "I am happy to stay at this football club and keep developing as a player.

"It's flattering that a club wants to buy you and I take it as a compliment that Motherwell saw the bid as an insult.

"Obviously they want a lot more money and it's nice to know that someone the calibre of Mark McGhee holds you in that much esteem and sees enough potential to demand more money."

The Scotland Under-21 defender is under contract at Fir Park until 2011, but Motherwell and the player will both hope there is interest that exceeds the Rangers offer before then.

"I think every player has aspirations to move on to bigger things - I don't think that is insulting to the fans to say that," Reynolds told Motherwell's website.

"Everyone knows that in Scotland, Rangers and Celtic are massive clubs with the opportunity to play in European football on a regular basis and winning medals year in and year out.

"Like every other player, those things appeal to me but there is an appeal of moving down south to the Premiership - an opportunity to test myself in what I regard as the best club league in world football.

"I think it's important the fans understand that if a young player doesn't have the confidence in himself to go and play at the top level then he'll be no use to the team he is currently playing in, not least actually getting a move to that stage."