Everton have rejected Manchester United’s latest offer for Jarrad Branthwaite and maintain they will not sell the England international for a cut-price fee.

United made a second bid of £45m plus £5m in add-ons for the 21-year-old defender on Monday night. That followed last month’s offer of £35m plus £10m in add-ons and was again immediately rejected.

Everton, who have bid £16m for the Hull winger Jaden Philogene, do not want to lose their prized asset, who is under contract until 2027, but value Branthwaite at about £70m. Their valuation is based on the central defender’s outstanding form when establishing himself in the Premier League last season but also the £80m United paid for Harry Maguire in 2019, the £77m Manchester City paid for Josko Gvardiol last summer and Chelsea’s willingness to spend £75m on Wesley Fofana in 2022.

Kevin Thelwell, Everton’s director of football, admitted in an open letter to fans in May that players would have to be sold owing to the club’s financial problems. However, Everton could raise funds by selling Amadou Onana, Dominic Calvert-Lewin, Michael Keane and Neal Maupay, although no bids have been received for those players.

Everton are one of several clubs to have met Hull’s valuation of Philogene and are hopeful his preference is to join Sean Dyche’s team.

Leicester have completed the signing of the Atalanta defender Caleb Okoli for around €15m (£12.7m). The 22-year-old, who has represented Italy at under-21 level, spent last season on loan in Serie A at Frosinone.

Okoli, who has agreed a five-year contract, is Leicester’s third summer signing after the arrival of the 18-year-old midfielder Michael Golding from Chelsea for about £5m and the former Fulham forward Bobby Decordova-Reid on a free transfer.