Reports suggest that the Gambia U20 international is a strong transfer target for Sporting after an impressive trial but Wallidan do not want to let him go.
However, club founder Alhaji OB Conateh said that Wallidan did not want to part with Colley if they were given nothing in return.
"How can we maintain our local clubs when professional clubs can just come and take any player for free?," he asked.
"We are not asking for millions but just a little token as a way of appreciation to the club that nurtured and developed the player."
According to a contract put forward by Sporting, the MLS club want Colley on a free transfer which is unacceptable in the eyes of the Gambian outfit.