Manchester City have had a bid of £1million rejected by Bolton Wanderers, who have told their Lancashire rivals to increase their offer if they are serious about landing the Greek international.
"£1m is not enough,” said Bolton boss Sam Allardyce. “If they want to negotiate some more, then fair enough. We will have a meeting with Stelios and talk to City. We will see where we go from there."
"Stelios is a player I like and he will benefit our squad,” said Pearce. "Sam did tell me he does not want to sell him but they might have a rethink and hopefully it will be enough to get him out of the club."