He reveals: "We have just turned down a bid of £12m for Frank, which is the second offer in excess of £10m we have had for him this week.
"While we reluctantly accept that Frank wishes to leave, the price must be right.
"We will be sticking by our valuation of a player who, we believe, will go on to be an England regular in the not too distant future."
Although Leeds United's chairman Peter Ridsdale has gone on record as saying that he would not pay a double figure sum for the midfielder, it is clear that there are clubs who will.
Because of the player's determination to leave, any possible transfer is unaffected by the managerial situation.
As far as that is concerned, Paul reiterates that Steve McClaren is not the only person in the running for the Hammers hotseat.
"It became public knowledge that Steve was given permission to talk to other clubs, and one of them was us," he says.
"We have always been aware that such an outstanding coach would be highly sought after.
"We had a very useful preliminary conversation with him, and if there is another meeting we would anticipate that being sooner rather than later.
"But we have an open mind, and nothing is ruled in or out at this stage.
"We have thoroughly prepared a range of options so that we can take this club forward.
"In this case time is not of the essence; it is making the right decisions that matters."