Swansea have insisted that they will not let Neil Taylor go for less than his valuation after rejecting a £1 million offer from Newcastle.

Swans chairman Huw Jenkins formally turned down the bid last night, days after claiming that the 22-year-old defender was worth £10 million.

"We recognise Neil as a young, talented Welsh player that has an important role to play at this club," said Jenkins. "We brought him here from Wrexham and have helped nurture his development.

"He adjusted very well to the Championship last season and we look forward to seeing him play a big role as we enter the Premier League. That is why we have rejected Newcastle's bid. I spoke to Neil's agent and he understands the situation."

Jenkins added that he expected Taylor, who is thought to be keen on a move to St. James' Park, to return for pre-season training on July 11.

"The only thing that can change is Newcastle's thoughts on it," he continued. "If they want to purchase any player from us, obviously as in any transaction they have to reach our valuation.

"Unless we get an offer in for any of our players that we find too hard to turn down (then) every contracted player will stay with our club and will be playing for us in August in the Premier League. That's not going to change as far as I'm aware and that's how it should be."

It is thought unlikely that Magpies manager Alan Pardew will significantly improve on his existing offer for Taylor and is instead turning his attentions to Man Utd midfielder Darron Gibson.