Fulham have been told in no uncertain terms that their opening offer for PSV Eindhoven striker Ricardo Pepi is not enough, with the Dutch club dismissing a €30–35 million bid as insufficient during the January transfer window.
The Premier League side have been tracking the 22-year-old throughout December and made a formal approach before the New Year. However, PSV rejected that proposal and are showing no appetite to negotiate unless their valuation is met.
PSV stance made clear on Pepi offer
Reports in the Netherlands revealed on 31 December 2025 that PSV had turned down an offer worth between €30m and €35m from Fulham. While there was an expectation that Marco Silva’s side could return with an improved bid, PSV officials have now publicly reinforced their position.
Technical director Earnest Stewart confirmed the rejection when speaking to Dutch media, making it clear that the offer failed to move the club.
“It’s not interesting for us,” Stewart said, declining to specify the buying club or the exact fee involved.
According to Eindhovens Dagblad, the bid came from a Premier League side and did not reflect PSV’s internal valuation of the striker.
Fulham yet to return with improved proposal
Voetbal International have since corroborated those details, reporting that Fulham were behind the approach and that no follow-up offer has been submitted so far. The same report states that PSV have no intention of selling Pepi during the winter window unless an “exorbitant” fee is placed on the table.
Having followed PSV closely this season, Pepi’s growing importance within the squad helps explain that stance. The forward has become a key attacking option and the club are not under pressure to cash in midway through the campaign.
While PSV have not publicly attached a figure to Pepi, sources suggest that any January sale would need to significantly exceed Fulham’s initial proposal.
Key Insights
- Fulham’s €30–35m bid for Ricardo Pepi has been formally rejected
- PSV director Earnest Stewart publicly dismissed the offer as “not interesting”
- No improved bid has been submitted by Fulham so far
- PSV are unwilling to sell in January without an exceptional fee
- Pepi is viewed as a core part of PSV’s current squad plans
What’s Next
Fulham must now decide whether to return with a substantially improved offer or shift focus to alternative attacking targets before the window progresses. PSV, meanwhile, are expected to maintain their firm stance unless their valuation is met, with no urgency to negotiate before the summer. Much will depend on Fulham’s willingness to test PSV’s resolve in the coming weeks.
Would you go back in with a bigger offer for Pepi — or should Fulham walk away and spend that money elsewhere?
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