ALAN HUTTON said today he will be staying at Rangers - after rejecting a record £10m transfer to Spurs.

The White Hart Lane club weighed in with an offer of £8m down, plus £2m in add-ons, which would have seen Hutton's earnings triple to a mega £9m over the next five years.

It is believed Spurs, who tracked Hutton for three months, also offered in exchange one of three fringe players -Teemu Tainio, Wayne Routledge and Lee Young-Pyo.

But, after pondering his future into the small hours, the 23-year-old reported to Murray Park this morning and informed the management and his team-mates that he would not be leaving Rangers.

Hutton's partner is due to give birth to their second child, and that also was a major factor in his decision.

Smith said: "We received a bid from Tottenham which was reluctantly accepted. But the player himself wants to remain at Rangers. That is good news for us all, as he has been doing extremely well and we didn't want to lose him.

"We still have use of one of our best performers this season and we are delighted with his decision. Credit to Alan, he took the decision without going to speak to them and he's told us he's staying - that's it as far as we're concerned."

Smith admitted Spurs' massive offer was too good to turn down, but the player preferred to continue his development in Scotland.

Smith added: "There are two sides to consider to transfers - the footballing side and the financial part.

"In a football sense, we didn't want to lose Alan. But, from a financial point of view, you always have to appreciate a bid of that nature has to be taken into full consideration.

"It would have been a reluctant sell and we are just delighted he has chosen to stay."

Hutton, who signed a £12,000-a-week five-year deal last summer, is set to be offered a wage hike at the end of the season to reward his stunning development.

However, if his form continues there is likely to be further interest from major clubs at the end of the season and it remains to be seen if Hutton's head could be turned then.

Sir Alex Ferguson's brother, Martin, has scouted Hutton all season and he has been mooted as a long-term replacement for Gary Neville at Man United.

An Italian club also made their interest known to Rangers, so there could be renewed bids in the summer.

Smith added there was nothing imminent in terms of transfers, and confirmed he will only sign players who can make a difference to his first team.

He is linked with Hibs full back David Murphy, Aston Villa striker Luke Moore, Portsmouth's Matt Taylor and Ludovic Magnin, of Stuttgart.

"At the moment we have a good pool. We are happy with the squad," Smith said.

"Improvements could be made in one or two positions, but unless we can find players who are better we will go on with the squad we have. I would hope, like everyone else, we will be able to add one or maybe two players."