Newcastle United have rejected an opening offer from Liverpool for striker Alexander Isak.
The Magpies value the Sweden international at about £150m, with the Reds' offer falling below that figure.
There has been no confirmation as to the level of Liverpool's bid.
Isak was left out of the Newcastle squad for their pre-season tour of Asia as he wants to wants to explore a move away.
The bid from Liverpool has been lodged while Isak trains alone at former club Real Sociedad, amid continued uncertainty around his future.
The 25-year-old joined Newcastle in a £60m move from La Liga club Real Sociedad in 2022.