Liverpool have rejected a £40,000,001 bid by Arsenal for striker Luis Suarez.
It is understood Arsenal made the unusual bid believing that a figure of over £40m would trigger a release clause in Suarez's contract.
The Reds had previously turned down a £30million bid from Arsenal, rising to £35m with add-ons.
Liverpool insist there is no £40m release clause. An offer exceeding that figure means that club officials are duty bound to inform the striker of the bid.
Liverpool manager Brendan Rodgers will apparently discuss Arsenal's offer with Suarez following the club's friendly with Melbourne Victory at the MCG on Wednesday.
What do you think they're smoking over there at Emirates?— John W. Henry (@John_W_Henry) July 24, 2013
The Uruguay international is set to make his first appearance for the Reds this summer in the friendly against Melbourne Victory today.
He jetted to Australia on Sunday after being allowed to take extended leave following his involvement with his country in the Confederations Cup.
While he was away, the 26-year-old spoke about the attraction of Real Madrid, and his agent Pere Guardiola has told Liverpool the player wants to play in the Champions League but will not try to force through a move.
Suarez has been frequently linked with Arsenal, whose biggest spend on a player is the £15million they paid to Zenit St Petersburg for Andrey Arshavin in 2009.
By exceeding the £40million mark, Arsenal's offer means Liverpool have to inform Suarez. Manager Brendan Rodgers has said he "very much" expects the star man to be with the club come the start of the season.
Rodgers said yesterday: "There's been a lot of speculation over the course of the close season but the reality is that he's a player who is very much valued at Liverpool.
"And unless there's any sort of offer that comes in that's anywhere near his value, there's nothing to consider. We haven't had that."
Asked what that value was, Rodgers said: "I didn't say we would sell him. I said that every player has a value and a worth. Doesn't mean you've got to sell them."