"I've no doubts that Rob Earnshaw is a good player, but I think £4m is too much for him," The Pompey Chairman told the Western Mail.
"No club in the Premier League will pay that sort of money for a player in the Coca-Cola Championship.
"There are some good players in that division. A lot of our players at Portsmouth came from that division and have done well in the Premiership.
"We are looking at players in that league. But believe you me, we won't be paying £4m for any of them!
"To pay £4m for a footballer outside the top division is a big risk. It is too big a gamble."
As time goes on the odds on Earnie staying at Cardiff are shortening. It seems certain a big money move is out of the question. With Mandaric's comments and transfers already that have seen established Premiership players and internationals moving around for less than £2m - £3m it would be a shock to see Earnshaw in a move that was valued at £4m or more.
"If Cardiff get £4m for Earnshaw then power to them. I don't blame them for wanting that amount for him," Mandaric continued.
"But I think it will be awfully difficult to get that sort of money for him."