By Rob Stewart
The Nigeria international has been with the club since 2010, and has netted eight times in 72 league appearances for the Greater Manchester club.
The 21-year-old played a major role in Wigan's survival last season, as Roberto Martinez's side avoided relegation from the Premier League yet again with a late surge in form.
The former JJB owner has accused the Champions League winners of attempting to take advantage of Moses’ contractual position, as the former Crystal Palace man only has 12 months left on his current deal.
"Number one, they have made an offer, and number two, they have not made a big enough offer," he revealed to Goal.com.
"That is where it lies. The offer that Chelsea have made is no good. It is way too low. It is rubbish. If the price is right we would actually consider letting him go, yes, we have to do that.
"But I think that it is the agent who will not allow him to sign an extension to his contract and he has another 12 months to run on it."I think that the lad really needs another 12 months here at Wigan under Roberto for his own sake. That is what he does need so he can keep developing.
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According to reports, Wigan would be looking for at least £10 million for their player, but Whelan has revealed the bid was under £4m."He played ever so well when we played Chelsea when we went down to Stamford Bridge but he does need another year here at Wigan," he continued.
"We can only tell him that. It is his agent who dominates everything and all his agent wants is money.
"I have said to Chelsea ‘thank-you for your offer but no’. What they are offering is not enough. I have not put a price-tag on Victor.
"But let's say that what Chelsea have offered is a lot less than £4m. That is absolutely stupid."