Bayern Munich are talking to Hearts about a deal for 18-year-old full-back Aaron Hickey.
The left-back is wanted by the European champions, as well as Italian Serie A side Bologna, and has been linked with Celtic, where he was a youth player.
Hearts value Hickey – who is out of contract next summer – at £1.5m and chair Ann Budge told STV the club received an offer on Tuesday.
The Scottish Championship side have also signed winger Elliot Frear.
The 29-year-old former Motherwell player was a free agent following the expiration of his contract at Forest Green Rovers and has signed a one-year deal.
Hickey made his debut for Hearts aged 16, and two weeks later became the youngest player to start a Scottish Cup final in the modern era when he played against Celtic in May last year.
Bologna intend for him to be part of their first-team squad, while Bayern would place him in their second team, which plays in the German third tier.
“I have now had one formal approach from a European club,” Hearts chair Ann Budge confirmed to BBC Scotland.
“I’ve made it clear to Aaron and his agent I don’t want him to go but if that is what then future holds for him then so be it. I think he is going to want to go somewhere.”
Budge said Celtic had not contacted Hearts recently about the Hickey, but had made “a couple of offers” in previous transfer windows that were rejected.