The eight-time gold medallist has been on trial with the New South Wales club and scored his first goals in a friendly last weekend.
Mariners owner Mike Charlesworth had initially pledged A$1.5 million, but the deal now offered to the sprinter was much less than this, it added.
Despite Bolt failing to show in Brisbane for the side's 1-1 draw with the Roar on Sunday, The Australian reported the 32-year-old was in Melbourne considering his options after being tabled a deal. "I don't know anything about what you're talking about and that's God's honest truth". I don't know anything about that.
Reports of the deal surfaced during the contest, with Mariners boss Shaun Mielekamp reportedly having tabled a contract with Bolt's management over the weekend.
He has also reportedly been offered a two-year contract by Valletta FC in Malta - a deal he is believed to have rejected to get a better deal with the Mariners.
Cowboys vs. Redskins Preview, Tips, and Odds
For most of the first half, the Redskins kept swarming the Cowboys' offense, stifling Elliott and putting pressure on Prescott. Washington is 2-1 at home this year with wins against Carolina and Green Bay; two teams largely considered playoff contenders.
Reports of the contract offer to Bolt emerged midway through the game but Mariners coach Mike Mulvey said post-game he was unaware of the development.
"The marquee fund has secured players like [Melbourne Victory attacker] Keisuke Honda and [W-League star] Sam Kerr, people with football pedigree".
"It's great he's raising the profile of the league I suppose but I don't have an opinion on whether he's good enough or not football-wise, I haven't seen enough of him".
"Having said that, I understand from Central Coast Mariners that they have tabled an offer to Bolt's management, which he is now considering".
"We're going to go back, have some dinner, have a little look at the game that's on. then get on a plane tomorrow, go home and start preparing for Melbourne City next week", he said.