The 23-year-old, who has a year remaining on his contract, was the subject of a cash bid from the Championship club.
But despite being on the transfer list by his own request Grant, who scored 16 times last season, will not be leaving unless the price is right.
"Blackpool have been in contact," Hill told the club's website. "Blackpool have tabled a bid, it hasn't been accepted by the club.
"They have to come back with slightly more money on a down payment."