Blackburn Rovers have rejected Olympiakos' first offer for Matt Derbyshire, skysports.com reports. Olympiakos are keen to sign Derbyshire on a permanent basis after he impressed on loan during the second half of last season, scoring eight goals in 13 games.

However, the Greek outfit are expected to come in with a new improved bid as they look to tie up a move for the England U21 international.