Liverpool have turned down a proposal from Newcastle United which involved Anthony Gordon joining the Reds and Jarell Quansah moving in the opposite direction as part of the deal.
The Anfield club did not view the deal as being right for them, even though 23-year-old forward Gordon is a player they admire.
Gordon, who joined the Magpies in a £45m deal in January 2023, is with the England squad at Euro 2024, coming on as a late substitute in Tuesday's goalless draw with Slovenia in his only appearance of the tournament so far.
A player who is also liked by Paris St-Germain, he scored 11 league goals for Newcastle last season and won the club's 2023-24 player of the season award.
Liverpool did not make any offer and they would not consider losing 21-year-old Quansah.
The centre-back became a first-team regular last season and was in the preliminary England squad for Euro 2024, missing out on the final 26-man squad for the tournament.
In addition, Liverpool are well stocked in the forward positions with Mohamed Salah, Darwin Nunez, Luis Diaz, Cody Gakpo and Diogo Jota among their options.
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