Liverpool have rejected a bid of £25m plus a further £5m in add-ons from Manchester City for Raheem Sterling, according to Sky sources.
It is also understood that Liverpool value the 20-year-old forward at £50m and will not consider selling him for less.
England international Sterling has been at the centre of a contract row at Anfield, and recently revealed he will not be signing an extension on his current deal, which has two years remaining.
Sterling's representative Aidy Ward is also alleged to have told the Evening Standard that he would not agree to stay at Anfield even if he was offered £900,000 per week.
Liverpool called off scheduled talks last month over a new contract with Sterling, who was booed by some sections of the travelling support during England's friendly against the Republic of Ireland in Dublin on Sunday, although boss Brendan Rodgers has said he expects the player to see out the final two years of his current deal.
And even if Liverpool were to sell Sterling, who has also been linked with Real Madrid, Arsenal and Manchester United, it appears they are ready to hold out for at least a £50m transfer fee for him this summer.
The news of Manchester City's approach for Sterling comes after their chairman Khaldoon Al Mubarak promised "high-quality" signings this summer.
"We want a squad that is able and has the capability and quality to win the Premier League, compete and win the Champions League, compete and be able to go all the way in two cup competitions in England," he said.
"I think you will see some changes. You will see some players who have served us well and maybe it is time for them to move to their next challenge, and you will see us in the market bringing high-quality individuals that fit within what we are aspiring to coming in this summer.
"I can assure you the squad will be stronger, the team will be more competitive. I am both confident and excited about what is coming next year."