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Northampton Town midfielder Michael Jacobs has rejected the offer of a new contract from the club.

The 20-year-old has scored 14 goals in 83 starts for the League Two side since breaking into the team in 2010/11.

Chairman David Cardoza told "Any club has still got to reach our valuation and no-one has got there yet.

"We'll get the right price for him. We're going to work hard to make sure that we get adequately compensated."

If no fee can be agreed with another club, it would be set by a tribunal, due to the player's age.

"We were expecting this [news] anyway," added Cardoza.

"There is some interest. It does look like the end of the road but nothing's definite yet."

The club say there has been interest in the two-time Cobblers' Player of the Season from Championship and Premiership clubs.

"He gives 100% every single game - he never hides," Cardoza continued.

"Being a local boy, and having being with us since he was 9 or 10 years old, it's been great to see him progress.

"If he goes, we wish him well. We're a League Two club, and while we're a League Two club, this is always going to happen to us. It's a shame we can't have him for another year or two but that's football."