Jacobs is out of contract after rejecting a new deal at Sixfields, and is free to talk to other clubs, but Northampton are due compensation for him with a tribunal setting a fee if terms cannot be agreed.
The 20-year-old is attracting attention from an unnamed Premier League side but Derby are the only club to publicly express their interest, although their valuation of Jacobs falls short.
David Cardoza told the Northampton Chronicle: "With regards to the Derby bid, they are a million miles away from signing Michael.
"Their valuation is a million miles out. A lot of figures are being quoted at the moment and it could end up being anything.
"Aidy and I have an asking price that we have come to between us that we feel would be acceptable and we want it to be with as few sell-on clauses as possible."
