Portsmouth have rejected a second bid from Ipswich for Joel Ward and Jason Pearce, BBC Radio Solent understands.
Pompey last week rejected an initial bid from Ipswich, with manager Michael Appleton saying they were not for sale.
Midfielder Ward, 22, has played 26 games this season while defender Pearce, 24, has made 25 appearances.
"At the minute it would be ridiculous to get rid of players, especially if we can't bring any new ones in," Appleton told BBC Radio Solent on Thursday.
"Ipswich have made a bid for Joel and Jason. We don't want to sell our younger players and the bid was well short of our valuation for the players if they were for sale."
The pair have also attracted interest from Watford but Appleton added: "I'm not aware of the Watford offer but even if we could sign players we are not looking to sell our younger players who we see as the future of the football club."
Pearce was signed from south coast rivals Bournemouth in 2011 while Ward began his career at Pompey.