McCloskey’s promoter laughed of the offer and admitted the fight is dead and doesn’t look likely to happen unless Khan’s representatives increased the offer.
"The offer was a joke," he told the Belfast Telegraph. "There's no way I'm letting Paul fight for peanuts.
"They made the offer, I rejected it and as far as I can see the fight is dead. We'll certainly not be going back to them to negotiate.
"If they were to come back with a proper offer then of course we would listen but as I expected they wanted to get Paul on the cheap.
"I'm just not interested in that. Paul's got a better record than Khan - he's undefeated and he's never been knocked out like Khan has.
"Nobody has done Paul any favours, he has done everything that has been asked of him and he deserves to be well paid for a fight like this."
Breidis Prescott - the only man to beat the Amir Khan says he would relish a rematch with the Bolton fighter, Michael Katsidis and Victor Ortiz has also been mentioned.
Barry Hearn has warned Team Khan they would need to up the ante if they are to get a meaningful opponent.
"Frankly, I don't know who Khan is going to get to fight for the money he was offering Paul," he said.
"Certainly Victor Ortiz wouldn't and I don't think any quality fighter would allow themselves to box for the money Paul was offered."
