Motherwell boss Terry Butcher said that the undisclosed bid by Craig Brown fell way short of his valuation of McFadden.
"It is the second time they have put in a bid, but again they are absolutely nowhere near what we consider to be his value," Butcher said.
"It's entirely up to them what they do next and we can't prevent people making bids because it's out of our control.
"But we obviously have our own thoughts about the value of the player and we consider that value to be very high. Their valuation comes nowhere near ours, it's as simple as that."