Liverpool claim they are willing to walk away from a move for striker Alexander Isak after Newcastle United rejected their opening offer.
The Magpies, who value the Sweden international at about £150m, turned down a bid of £110m from the Premier League champions.
BBC Sport understands Liverpool do not think a deal for Isak is achievable this summer as it stands.
It is unclear whether this is a negotiating tactic and if Liverpool will maintain that stance.
The 25-year-old was left out of the Newcastle squad for their pre-season tour of Asia with a “minor thigh injury”, according to the club, while he wants to explore a move away despite the Magpies qualifying for this season’s Champions League.
The bid from Liverpool was lodged while Isak trains alone at former club Real Sociedad, amid continued uncertainty around his future.
He joined Newcastle in a £60m move from La Liga side Real Sociedad in 2022.
BBC Sport reported in July how Liverpool were considering a deal for Isak worth up to £130m.
Newcastle have maintained he is not for sale this summer, but that has not prevented Arne Slot’s side from taking a major interest.
The Premier League champions made an approach to Newcastle last month before lodging an official bid.
Boss Slot has already made a number of additions to his squad during a heavy summer of spending by the Anfield club.
They have signed Florian Wirtz, Hugo Ekitike, Milos Kerkez, Jeremie Frimpong, Giorgi Mamardashvili and Armin Pecsi for a combined total of about £265m without add-ons.
Meanwhile, the departures of Luis Diaz, Jarell Quansah, Caoimhin Kelleher and Trent Alexander-Arnold have recouped an initial £115m.
Timeline of Isak transfer saga
25 May 2025 – Alexander Isak finishes 2024-25 season as Newcastle’s top scorer with 27 goals in 42 appearances
19 July 2025 – Newcastle boss Eddie Howe says Isak will “absolutely” be on the club’s pre-season tour of the far-east after the Swede missed a 4-0 friendly defeat by Celtic with a thigh injury
23 July 2025 – Liverpool sign striker Hugo Ekitike in £69m deal from Eintracht Frankfurt
24 July 2025 – Isak is left out of Newcastle’s squad for their pre-season tour with a “minor thigh injury”
24 July 2025 – Isak expresses desire to explore move away from Newcastle
28 July 2025 – Sources tell BBC Sport that Liverpool remain keen on signing Isak, despite the arrival of Ekitike
29 July 2025 – Howe says Newcastle are yet to receive any offers for Isak
31 July 2025 – Isak trains alone at former club Real Sociedad
1 August 2025 – Newcastle reject Liverpool’s opening offer for the Sweden international and the Reds could be ready not to pursue their interest
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