The Merseysiders confirmed earlier today that they had tabled a bid for the Wales international and although no figure was quoted it was believed to be in the region of £2.75 million.
Everton wanted to make a down-payment of just £1million, it has emerged, with the rest of the payment being made in installments. This offer was described as 'laughable' by the Blues board.
Blues say they are now reviewing their position as regards to offering Savage a new deal. His present contract at the club expires in twelve months time.
A full statement regarding the events can be found at the clubs official website