The Scottish champions reportedly offered £300,000 for the 23-year old defender, giving Hearts no option but to reject it on the spot.
Jefferies feels that the offer was way under the valuation of the Edinburgh club and was looking forward to the Scotland international getting back to full fitness at Tynecastle.
"I don't know the exact figures involved but I do know our people regard the offer Rangers made as derisory," said Jefferies.
"Let's just say it's well, well short of the value we would place on an international like Lee.
"He is an outstanding player. We know he's in the final year of his contract and we hope to extend it but that will be up to the player to decide.
"Lee was very unlucky with injury last season but he's fit again and started pre-season training today.
"I know when bids are made for players you have to take their contractual situation into account but even so, Rangers' offer was miles short of what is acceptable."