Manchester City have made an increased offer of more than £35.5m for Raheem Sterling, which is likely to be rejected by Liverpool.
The Reds value the 20-year-old England forward, who has also been linked with Arsenal and Real Madrid, at £50m.
Last week Liverpool turned down a bid of £25m, plus add-ons, from City.
It is understood the new offer is a basic £35.5m, which could rise to nearer £40m when various extras are added.
Sterling joined Liverpool from QPR in 2010 and is under contract until 2017, but has rejected the offer of a new £100,000-a-week deal.
Liverpool manager Brendan Rodgers said last month he expected Sterling to stay at Anfield for the remainder of his current deal.