However Gers boss Smith insists Hutton was just given the day off to rest after a hectic season and that after speaking to the player, he is confident of being able to call on his services for the remainder of the campaign.
Smith told the Daily Record: "Our indication from Alan is that he'd turned them down.
"That is where we are at. That's what he told us so we take his word for that.
"Obviously there are football aspects and financial aspects to any prospective transfer deal.
"Nobody here wanted Alan to leave for football reasons.
"But when you get offered that kind of money there is a situation where it becomes an acceptable deal, from a financial point of view.
"That was why we accepted the bid. But we were delighted when he decided to stay."
