Charlie Nicholas believes only a "desperate" club would pay a huge fee for Alfredo Morelos.
The former Celtic striker insists Rangers are "dreaming up" figures over the 25-goal Colombian after Dave King maintained even a £40million bid would be knocked back in January.
Morelos has been linked with Aston Villa and Crystal Palace following a stunning run of goalscoring form.
But Nicholas feels clubs would only be willing to splash out huge money in exceptional circumstances, pointing to the 23-year-old's lack of Champions League experience and lack of goals against Celtic.
Morelos is set to square off against Odsonne Edouard in Sunday's Betfred Cup Final and Nicholas is adamant the Frenchman is worth more.
He told The Express: " Rangers can dream up whatever number they like for Alfredo Morelos.
"Dave King has said he won't sell him for £40million in January. Well, if Morelos is worth that then Celtic must be thinking Odsonne Edouard is worth £50m.
"We can all come up with numbers but unless a club is genuinely interested and comes up with a realistic bid then it means nothing.
"The bottom line is that Gers are not going to get anyone to bid anywhere near that.
"It would need to be a team that is really, really desperate.
"Morelos has been linked with the likes of Crystal Palace and Aston Villa but they won't spend more than £25m on a centre-forward.
"A lot of clubs are tightening the reins financially and you are not seeing the same level of spending.
"Yes, Rangers can point to Morelos' goals. He has done well domestically outside of the Celtic games and he has scored goals in Europe, but it has been in the Europa League, not the Champions League.
"If a bid was to come in around the £25m mark then there would be a serious debate in the Ibrox boardroom rather than the £40m that has been quoted.
"Edouard has delivered in the Old Firm derbies, whereas Morelos hasn't. That has been the difference a lot of the time.
"That's why I expect Celtic to lift the Betfed Cup on Sunday."
The former Celtic striker has accused the Ibrox club of "dreaming up" figures.
I can smell the fear from here, only one way to shut these fuckers up Alfie, go grab the winner on Sunday!