Stage: the bid was rejected. It became public after the bid was rejected. The link is speculative for now. A bid has already been rejected. The talk has begun to distract him.
Stage: concrete interest. The interested club has formally approached. The link is speculative for now. He is a loyal type and unlikely to push for a move. The talk has begun to distract him.
Outlook
Expectations may build after a stand-out moment.
Signed a new contract
Moderate
Cause
He committed to the project on terms both sides could live with.