Celtic have rejected an approach from Italian side Udinese for Stephen Welsh.
The Serie A outfit wanted to take the 21-year-old on-loan for the remainder of the season.
Udinese wanted to include an option to buy clause within the deal but the Hoops want to keep Welsh.
The Scotland under-21 international isn't first choice under Ange Postecoglou but he provides back-up.
Welsh recently signed a new four-year deal at his boyhood club and his contact runs until 2025.
It's unclear whether Udinese will return with an improved offer but Parkhead boss Postecoglou doesn't expect a busy January window.
He told Celtic TV: "Not too busy, but we've got to stay agile through this period.
"We've had a couple of players go out on-loan which I think is also important.
"So, we're looking at the squad the whole time and through the whole January window, we'll make sure that what we need - if it's available - we'll bring in.
"And with the existing squad we'll make sure we continue to develop our footballers.
"I don't expect it to be too hectic but we'll stay alert and make sure, if the right thing comes along, both in terms of incomings and outgoings, we'll be able to move."
