The Championship side were hoping to lure the Owls' top goalscorer from last season to the iPro Stadium.
Sheffield Wednesday's Fernando Forestieri
The Rams made the audacious offer for the 26-year-old as they attempt to make their first signing of the summer. However, the Star is now claiming that the Owls are ready to turn down the bid for the Argentine-born playmaker who has become something of a talisman for the side since his arrival at Hillsborough last summer.
Though Wednesday boast one of the most impressive groups of attacking players in the Championship, it is hardly surprising that Derby's bid is set to receive a cold response.
The former Watford man was exceptional last season, scoring 15 times in 36 games to help Carlos Carvalhal's men finish in the top six in the division, where they would go on to reach the play-off final before coming up agonisingly short against Hull City at Wembley.
Sheffield Wednesday manager Carlos Carvalhal
And while it is too early to suggest that he will be as ruthless this term, he did score the only goal in their opening weekend victory over Aston Villa.
It remains to be seen if Derby will return with another bid, but given his value to the Wednesday side, it will surely have to be upped considerably if they hope to tempt their Championship rivals into selling their key man, especially as the deadline gets closer and leaves the Owls with less time to think about possible replacements.
Derby's manager Nigel Pearson