But Thompson, the Supporters Trust representative on the board, says that they'd be wasting their time.
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"Because we believe he is worth a lot more than that.
"And if it comes to it, we will risk a tribunal to prove it.
"When you look at the transfer market and the young strikers who have moved clubs in recent times, we would value him in excess of £1m."
The tribunal can often be a risky business, with Notts always being scarred by the process once before, when Andy Hughes moved to Reading for half of the club's valuation back in 2001.
Since stating that he won't still be at Meadow Lane Heffernan has attracted interest from a whole host of clubs. Sheffield Wednesday are currently at the front of the queue, but Premiership sides Tottenham, Bolton and Blackburn are also interested. Reading, Doncaster, Oldham and even local rivals Forest also fancy their chances of nabbing the striker.