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 but there are reports it is worth £110m plus add-ons.
Isak was left out of the Newcastle squad for their pre-season tour of Asia as he wants to explore a move away - despite the club qualifying for this season's Champions League.
The bid from Liverpool has been lodged while Isak trains alone at former club Real Sociedad, amid continued uncertainty around his future.