Damien Duff will have make-or-break talks about his Blackburn future when he returns from holiday this week.
Blackburn are desperate to hang on to the winger who has been targeted by Manchester United, Liverpool and Arsenal. Rovers want to kill off this interest by agreeing a contract extension with Duff which would make him one of the best-paid players at Ewood Park.
Duff, who was one of the stars of the World Cup with the Republic of Ireland, has two years left on his current deal and Blackburn are anxious to open discussions.
Blackburn know they will probably have to sell him if he rejects their offer.
Duff is currently valued at around £20million and Blackburn realise this figure will depreciate rapidly as he nears the end of his contract.
Chief executive John Williams claims Rovers do not want to be faced with this scenario and he told the club's website: "Clearly, everyone at the club would like Damien to stay."
"It is the club's intention to negotiate an extension to his contract at the earliest opportunity. I would be delighted to see him continue in a blue and white Rovers shirt next season."
"But it is essential he signs the new contract that is on offer. We need to protect our asset and talks with him will begin as soon as he returns this week."
"I have spoken with Graeme Souness and he is confident he can persuade Damien to remain with us on football grounds, at least for the foreseeable future."
If these negotiations are unsuccessful, then United, Liverpool or Arsenal could step in with a formal bid for the 23-year-old.
United and Liverpool have already sounded Rovers out about Duff and the Old Trafford outfit, who are also keen on Leeds' Rio Ferdinand, may have the advantage because they can use Dwight Yorke in any bargaining.
Souness wants to reunite Yorke with Andy Cole, although he is not prepared to pay United's £6million asking price, and the striker would soften the blow of losing Duff.