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.