Arsenal have had a £30 million bid for Luis Suarez rejected by Liverpool, according to reports in the British media.
Reports last month suggested the Reds would only consider offloading their striker for around £50 million, making Arsenal's offer incredibly audacious.
Despite Liverpool's insistence that Suarez is not for sale, they have given him until July 22, right before the club's pre-season trip to Australia, to sort out his future.
Arsenal's interest has been simmering for some weeks now and a move to the Emirates could come as a shock after Suarez's open statements that it is the English media, not Liverpool, that would force him into an exit from Anfield.
It is unclear whether Arsenal will make an improved offer for Suarez, with the door now ajar for Real Madrid to consider an approach for the 26-year-old.