Torquay manager Chris Hargreaves says there is only a 50-50 chance that Lee Mansell will
Mansell, 31, is the club's playing 380 games since joining from Oxford United in 2006.
"I'd probably go half way," Hargreaves said when asked how likely it would be that his captain will sign his offer.
"I've given him a bit more time to think about it because I think he deserves it as he's been a fantastic player for the club."
Mansell's first season at the club saw them get relegated from League Two in 2007 and the former Luton Town midfielder has been part of the side ever since, helping the Gulls return to the Football League in 2009 and make the before relegation at the end of last season.
"There's two things we've got to think about," Hargreaves told BBC Sport.
"The first is the financial situation of the club, because we don't want to compromise that again.
"But also Lee Mansell as a person and his family. If he can double his money somewhere else then I wish him all the best and I'll be pleased for him and his family.
"If he doesn't and he takes this deal he's at a brilliant club, well thought of, and is still earning good money."
Meanwhile Hargreaves says it is unlikely that goalkeeper Michael Poke will sign a new contract at Plainmoor.
The 28 year-old's two-year contract is about to run out and Hargreaves expects him to ply his trade elsewhere:
"Pokey's a fantastic lad, he's been a great servant to Torquay, but he was on wages the club couldn't really afford in League Two, never mind the Conference.
"At this time I've offered him a deal which I feel is realistic to our club.
"At the moment we both feel that Michael's not going to sign it.
"He's speaking to other clubs and if he can get himself sorted on a good deal then I wish him all the best."