Newcastle are yet to receive an acceptable bid for midfielder Georginio Wijnaldum despite speculation he is close to joining Liverpool.
Press Association Sport reports that there has been contact between the two clubs and that a fee for the £25 million-rated Dutchman has been discussed.
However, sources on Tyneside have indicated that the terms proposed to date do not meet the club's requirements and as such, no deal is in place.
The Magpies do not want to sell Wijnaldum, who joined them in a £14.5m switch from PSV Eindhoven last summer, and have no need to do so despite suffering relegation from the Premier League.
Wijnaldum, whose situation is also being monitored by Tottenham, was Newcastle's leading goal scorer last season with 11 goals, four of them in a 6-2 league demolition of Norwich, although his form was patchy and he was unable to help the club retain their top-flight status following the appointment of Rafael Benitez as manager.
Benitez is reportedly hopeful of keeping many of his big names to lead the fight for a swift return, but is also aware that sacrifices may have to be made to fund his rebuilding work.
Andros Townsend, who had a £13m release clause in his contract, has already left for Crystal Palace, while Wijnaldum and France international Moussa Sissoko, who could cost up to £35m, have been linked with a series of potential buyers in recent weeks.
However, neither has yet attracted an offer which matches the Magpies' valuation and they will not be allowed to leave unless that changes.