Fulham bid £5 million for the 28-goal striker on Friday, and, with club owner Massimo Cellino only returning to England from Italy on Sunday, the offer was rejected this morning.
However, officials at Craven Cottage are intent on signing players with Championship experience as they search for an immediate return to the Premier League, and they have highlighted the 27-year old Leeds captain as a leading target.
Due to McCormack's high demand from a host of Premier League and Championship clubs, Fulham intend to complete their capture of the striker early on in the transfer window, and, as reported by the Mirror, they are willing to increase their offer to £7 million - £1 million over the valuation that Cellino had placed on the player.
Despite not wanting to sell McCormack, and the player not lobbying for a move away from Elland Road, £7 million can go a long way in the Championship. If invested correctly, Leeds could rebuild a squad that could seriously challenge for the intended aim of promotion to the Premier League - rather than relying on the undoubted talents of McCormack to scrape another mid-table finish.
Although investment in the squad would be possible through the funding from McCormack's sale, it could be very hard to find another goalscorer who offers as much of an attacking threat as the Scottish international. Only one other player passed the 25-goal mark last season, and, much like McCormack, Jordan Rhodes has been touted for a move to the Premier League this summer.
Newcastle, West Ham, Norwich City and Derby County have all also expressed an interest in acquiring McCormack this summer, although all the clubs are yet to have tabled a formal bid for the 11-time capped Scotland striker.