Luke Shaw
Luke ShawReuters

Manchester United have refused to pay over the odds for England left-back Luke Shaw after Southampton increased his price tag to £40m, according to reports.

The 18-year-old -- who made his debut for The Saints in January 2012 against Millwall in a third round FA Cup tie -- became a key player in former coach Mauricio Pochettino's line-up.

The Mirror recently reported that incoming United manager Louis van Gaal is desperate to sign the England international during the summer transfer window and wants executive vice-chairman Ed Woodward to complete the deal as soon as Shaw returns from Brazil.

United were reportedly preparing to make an improved £34m offer to persuade Southampton to sell Shaw in the coming weeks.

However, according to the Manchester Evening News, even though they are still interested in bringing in Shaw they have now refused to meet The Saints latest asking price. The report also claims that it is untrue that the Reds increased their valuation to £34m and submitted a new bid.

Van Gaal needs to land cover for the full-back role after Alexander Buttner agreed to join Dynamo Moscow leaving Patrice Evra as the team's only left back.

Buttner told Dutch paper De Telegraaf: "Van Gaal never gave me the chance in the Dutch national team, despite being voted man of the match 14 times at Manchester United.

"Apparently he is not very confident about me. So I think this is the right moment to leave."

Reports surfaced earlier this month claiming that Shaw told his current employers about his desire to be a part of Van Gaal's plans at Old Trafford.

Southampton, meanwhile, are said to be under no pressure to sell their prized asset and are playing hardball with all clubs attempting to sign their players.