Blackburn Rovers have reportedly informed Olympiakos that they need to up their offer if they want to sign Mauro Formica.
The Lancashire Telegraph claims Rovers are asking for at least £3.5 million for Argentine playmaker.
It seems Olympiakos were hoping Rovers would be ready to offload the attacker for significantly less.
The Greek giants are understood to be ready to pay Rovers £2.5 million for the 23-year-old in the summer, first taking him on loan until the end of the season.
It is understood that Brazilian outfit Flamengo have also joined the race for the in-demand player.
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