Eastwood has gone on record saying he wants to leave Roots Hall after Southend were relegated from the Championship, with Wolves also interested in his signature.
Shrimpers chairman Ron Martin told the Southend Standard: "Norwich have made a bid for Freddy but I have told them that they are not offering enough.
"Freddy is being dramatically undervalued and is worth a lot more to this football club than £1.5m - that is what I've told Norwich and I still don't want him to leave."