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United would command a transfer fee if he decides to leave, as he is under the age of 24, and Laws insists that the club have put the best possible offer to the player.
Laws, who also wants to bring in a central midfielder, told BBC Radio Humberside: "We all know Paul Hayes' contract has been on the table for a while, we're disppointed he hasn't signed it.
"We've got to be careful no player dictates to us what we pay to them, there's a very good offer for him.
"He needs to sort himself out as soon as he can, we've offered the best we possibly can and that'll be it.
"We want to keep all the good players at Glanford Park, the most important thing for the football club is getting out of the division.
"If we have to wait until the end of the season to sort out the players out of contract then we will do."