"We made an offer for Steven Reid but their valuation and our valuation were very different," Souness told the Lancashire Evening Telegraph.
"They're entitled to put whatever valuation they want on him and as the selling club they hold all the aces.
"But I'm not prepared to go beyond what we have offered already because we feel that's a fair price.
"I can tell you now, no-one will move for more than £2 million from the First Division this summer, apart from maybe Kevin Phillips at Sunderland or perhaps one or two of the players from West Ham."