Bolton Wanderers are hoping for an auction to spark over the sale of Rob Holding.

The Bolton News says Arsenal had an opening offer - £2m rising to £5m - snubbed by the relegated Championship side last week.

Despite their financial issues, Bolton are ready to wait for bigger offers with a host of clubs including Everton, Bournemouth and Celtic on the prowl.

Interim Trotters boss Jimmy Phillips revealed he was forced to leave Holding out of the final-day defeat at Fulham to avoid the 20-year-old picking up an injury and wrecking a transfer.