Latics have seen two of their bids rejected for the Oman international, who enjoyed an outstanding campaign on loan at the DW Stadium last term and was thought to be attracting interest by several clubs.
Whelan claims that the Trotters quoted him a ?3million figure at the start of last season upon agreeing a temporary deal.
However despite making a bid to their initial requirements and expecting the deal to go through, Bolton have turned down their approach and increased their valuation to ?4million.
Aston Villa are rumoured to be among the clubs interested in securing the 29-year-old, with Trotters boss Owen Coyle not budging on his valuation.
"We've made our offer, and we're sitting on the fence at the moment," said Whelan.
"They're trying to get more money out of us, but we've told them straight, we're not paying any more money.
"We saw our first bid turned down, which we thought we might, and our second offer remains on the table.
"It's our fullest and final offer. The offer is what we were quoted for last summer - ?3million."
Source: Team Talk
Source: Team Talk