Town are understood to have turned down a bid from Crystal Palace for left-back Aaron Cresswell.
The offer, believed to be in the region of £3 million, is understood to have come before the Eagles added former Bordeaux left-back Florian Marange to their squad at the end of last week, a move which is likely to have ended their interest in the 23-year-old.
The newly-promoted side were first mentioned in connection with Cresswell in June, while a number of other clubs, including Fulham, Southampton, Wigan and Aston Villa, who made an enquiry last summer, were also been linked during the close season.
Cresswell, who is contracted to Town until June 2015, joined the Blues from Tranmere at the end of his terms at Prenton Park in the summer of 2011.
Rovers are entitled to 20% of the profit Town would make on the £420,000 they paid for the Liverpudlian if he is sold. A Football League tribunal set a compensation figure of an initial £240,000 plus milestone clauses with only a £100,000 payment on promotion to the Premier League not triggered.
Town boss Mick McCarthy recently said that Cresswell is "the best left-back in the Championship".
Meanwhile, former Blues midfielder Tommy Miller, 34, has joined League Two Bury on a one-year deal having left Swindon at the end of last season.