The midfielder has show great form this season as Portsmouth fought their way to the FA Cup title and eighth place in the Premiership. On the international front Kranjcar starred for Croatia at Euro 2008, although they lost out to Turkey in the quarter-finals.
The 23-year-old has made many fans this season, with the Monaco management looking to be among the most interested in securing his services.
Arsenal and Roma are also said to be interested.
"Monaco have come in for Niko and offered around £12million for him. We wouldn't sell him and he didn't want to go anyway so that was the end of that one," said Portsmouth manager Harry Redknapp.
"No disrespect, but why would he want to go there anyway? They get 6,000 people watching them.
"You go there on a weekend and it's a unique experience, people aren't interested in the football. They all go out on the Saturday night and get dressed up for dinner, not to watch football."
The Englishman also refuted reports that Juventus are interested in signing Sulley Muntari, saying that he is not for sale.
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