FC Basel president Bernhard Heusler confirmed on Tuesday that the club rejected a bid from VfL Wolfsburg for striker Breel Embolo.
The 18-year-old has already made seven appearances for the Swiss national team and has been linked to a number of European clubs following his impressive performances for Basel.
According to reports in Germany, the bid is thought to be close to 27 million Euros.
"After considering all the arguments, we decided to grant VFL a rejection without negotiating the economic conditions of the offer," Heusler told Sport Bild.
"Of course, they deemed VFL's offer very interesting for him, but has accepted the decision of the clubs in a professional and fair manner."
Embolo has scored eight goals for the Swiss league champions this season.