Newcastle have rejected Liverpool's opening bid to sign unsettled Sweden striker Alexander Isak, according to reports on Friday.
Isak has been training at his old club Real Sociedad this week after reportedly telling Newcastle he wants to leave St James' Park.
The 25-year-old has been linked with Liverpool since the end of last season and the Premier League champions are now believed to have formalised their interest with an offer of around £110 million plus potential add-ons.
But Newcastle, who reportedly value Isak at £150 million, remain keen to hold onto their prize asset and have rebuffed Liverpool's initial bid.
Isak, who joined Newcastle in a £60 million move from Real Sociedad in 2022, scored 23 Premier League goals last season to help Newcastle qualify for the Champions League.
He has three years left on his Newcastle contract but did not travel to Asia for the Magpies' ongoing pre-season tour, with the club saying he had a minor thigh injury.
On Thursday, Real Sociedad confirmed he was at their Zubieta facility with his own trainers.
It was reported on Friday that Newcastle had told Isak he could agree a new deal containing a get-out clause for next year, but he responded by insisting he wants to move now.
Liverpool manager Arne Slot has already bolstered his attacking options by signing Eintracht Frankfurt striker Hugo Ekitike and Bayer Leverkusen playmaker Florian Wirtz during the current transfer window.
But the Reds are keen to make their forward line even more formidable by adding Isak as they look to win back-to-back English titles for the first time since the 1980s.
Newcastle boss Eddie Howe struck a defiant note earlier this week when he said: "He is still our player. He's contracted to us.
"We, to a degree, control what is next for him. I would love to believe all possibilities are still available to us.
"My wish is that he stays, but that's not in my full control."
Liverpool have spent over £250 million so far in the summer window, with Milos Kerkez, Jeremie Frimpong and Giorgi Mamardashvili joining Wirtz and Ekitike at Anfield.