McPhee, who scored 27 goals for Vale last season, is out of contract this summer and is on Kevin Blackwell's wish list as he looks to strengthen the squad.
But as McPhee is only 23 tomorrow, Vale are entitled to a fee providing another English club complete any transfer. Leeds were understood to have made what they considered to be a sensible and realistic offer, but Vale chairman Bill Bratt has stated the bid 'was rejected out of hand.' Bratt added in the Evening Sentinel: "The amount Leeds offered was, in my opinion, not even worth considering. We want to keep Steve McPhee because we believe his future is with us."McPhee is understood to be keen on joining The Whites and the matter may be settled by a tribunal if Leeds go down that road, however, the club may be against that as they would be then be committing themselves to an unknown amount.