The Fir Park club say a Championship club made an offer for Hutchinson, while a League One side have targeted Law.
Boss Stuart McCall said: "We understand every player at this club has a value.
"We also need to ensure we protect our interests by getting the right price for our talent."
"Rejecting both offers, which were significant in Motherwell terms, is also a sign of intent from the club's board that they are not prepared to accept any bid that comes our way," he added.
"Unless a vastly-improved offer comes in then it is business as usual."