“I could not tell you how far away (from Watford’s valuation) it is. My son has enough in his moneybox and I am not very rich.

“If clubs at our level are helping to develop players it is only fair the big clubs with all the money respect that.”

Although Dyche described Newcastle’s offer as “nowhere near what we consider to be his valuation,” he refuses to say what that is.

He added: “We have a club policy where we do not give valuations because you get into weird territory but it was nowhere near what we think he is worth.”

While Watford plan to keep the 25-year-old, Dyche accepts a big bid could force his hand.

He said: “We are not expecting to sell any of our best players in this window.

“Cristiano Ronaldo was sold by Manchester United (to Real Madrid) because someone met the asking price, so everyone has a price, but we do not have a remit to sell any of our players.

“We want to keep hold of all our good players.”

Manager Alan Pardew thinks Newcastle’s recent transfer success is forcing up prices. He said: “We have had big success in the transfer market just recently and other teams have noticed, it is not lost on them.

“So when we come in for a player suddenly another club gets interested and the prices start going up.

“Suddenly we get into a bidding war, which we try to avoid.”

After the disappointment of last year, when Andy Carroll was sold on the final day of transfer business after weeks of denials, Pardew is trying to be as open as possible this year.

He added: “We have tried to be as honest as possible. “Unfortunately, in the transfer market it is very difficult because people then come in at the 11th hour.”

The reserve derby with Sunderland has been switched to March 8.

The match kicks off at 7pm at St James’ Park, four days after the first teams meet there.