Lincoln say they have had no contact with the Bulls over a fee for Gavin McCallum, and expect the matter to go to a tribunal.
Chairman Bob Dorrian told the BBC: "We haven't any communication with Hereford about McCallum. I think Torquay have indicated they do want to go to tribunal with (Mustafa) Carayol.
"We have made Torquay an offer, but I don't think they are too impressed with it. So I think that will almost certainly go to a tribunal, as I think McCallum will as well."
The Imps offered only a percentage of a future sale of winger Carayol, an offer that the Gulls turned down flat.