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The relegated Tigers have for some time been in the process of reducing a massive wage bill that has weighed down on the club, and remain keen to offload the injury prone midfielder - who is believed to be earning £45,000-a-week.
However, The Mirror reports that the former Wigan Athletic player is holding out for a £2m pay-off to annul his contract with the club, so as to move on a free transfer to Newcastle United or Celtic.
It has been speculated that Bullard would then agree to a deal within the means of either of his suitors.
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