The 26-year-old forward has just one year left on his current deal at the Philips Stadion, and he is looking to leave.
The Dutch giants have told him to sign a new deal or he will be training with the youth side from the start of next season.
"The asking price is too high. I've said it before and I continue to say it," said Toivonen, about PSV wanting a reported £4million.
However, despite the player's protests, reports claim that Norwich have agreed terms with PSV.
PSV technical director Marcel Brands told VI: "There is real interest, and also from a number of clubs."
The Sweden international, who can play in midfield or attack, has been with PSV for four years since joining from Malmo.