The Latics had previously agreed a £6 million fee with Sunderland for Baines, but the player decided against a move to the north east. Baines was a boyhood Everton fan and so is thought to prefer a move to Goodison.
"We turned down a bid from Everton of £4m and a player, who they rate at around £2m," Hutchings said.
"I have a very good relationship with Leighton and we'd like him to stay but we cannot stop speculation or other clubs making offers."
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Hutchings confirmed that if he was to allow the 22-year-old to leave, it would be for an amount of money similar to that offered by the Black Cats.
"It wouldn't be very good business if we took less than that, so we'll be looking for that," he said.
Wigan narrowly avoided relegation from the Premiership last season, while Everton finished sixth and qualified for the UEFA Cup. Sunderland were promoted from the Championship.
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