Roma have rejected a £28m bid from Liverpool for Mohamed Salah, Sky in Italy understand.
However, Sky sources insist the two clubs remain in talks about a deal for the Egypt international.
The 24-year-old signed for fellow Premier League side Chelsea in January 2014, but left on loan to Fiorentina in 2015, before signing permanently for Roma in a €15m transfer last summer after a loan spell at the club.
While Chelsea only paid £11m to sign Salah from Basel, Liverpool could have to pay almost triple that for the forward, who scored 15 goals in Serie A last season.
He also grabbed 11 assists in the league over the last campaign, as Roma finished second.
Liverpool made their first signing of the transfer window this week, with Chelsea's Dominic Solanke to join the club on July 1, when his contract with the Premier League champions expires. The fee will be set by a tribunal but is expected to be in the region of £3m.
Reds manager Jurgen Klopp is also understood to be interested in Southampton defender Virgil Van Dijk, who is also a reported target for Chelsea, Manchester City and Arsenal.