Molde rejected the bid ahead of their game against Brann in Bergen last Thursday.
Club director Tarje Nordstrand Jacobsen told Romsdals Budstikke: “I can confirm that we recieved a bid from a big European club, but it was not anything near what we think Mame is worth.
“Therefor we were not interested in going any further with negotiations.”
FC Copenhagen, Brondby, Aarhus, Aston Villa, AZ Alkmaar, Le Mans and Sochaux were among the clubs represented at the game against Brann.
Molde is holding out for £2million for their highly rated striker.