Reports earlier today, confirmed that Leeds had made an improved offer for Cooper who impressed during Leeds' 2-2 draw against Chesterfield on Saturday.
Earlier this week Massimo Cellino gave Nicola Salerno permission to make an approach for the 22-year-old after his solid performance last weekend.
Cooper, according to Hay is looking to join Leeds but Chesterfield appear to be standing firm.
United were thought to have increased their bid to £475,000 on Wednesday afternoon but that now appears to have been rejected.
Here are Hay's tweets on the on-going transfer:
Understand that Leeds have upped their offer for Cooper this afternoon. Current bid is £475,000. #lufc— Phil Hay (@PhilHayYEP) July 30, 2014
Chesterfield have turned down Leeds' second offer (£475,000) for Liam Cooper. Rapidly developing into an impasse. #lufc— Phil Hay (@PhilHayYEP) July 30, 2014
Cooper wants to come to Leeds, Chesterfield aren't willing to lower their valuation, United reluctant to raise their offer again. #lufc— Phil Hay (@PhilHayYEP) July 30, 2014
Cellino must now decide if Cooper is worth the money and it will be interesting to see how Cooper plays it. He could try to force a move but that can often end up going wrong.
Like the majority of Leeds' transfer business expect this one to carry on for the next few days. Federico Vivani may sign by September at this rate.