Liverpool have reportedly turned down Arsenal's latest bid for their wantaway striker Luis Suarez.
The offer of £40million - plus a pound - was immediately refused by the Anfield club, it is understood.
Uruguay international Suarez is set to make his first appearance for the Reds this summer in the friendly against Melbourne Victory.
He jetted to Australia on Sunday after being allowed to take extended leave following his involvement with his country in the Confederations Cup.
While he was away the 26-year-old spoke about the attraction of Real Madrid, and his agent Pere Guardiola has told Liverpool the player wants to play in the Champions League but will not try to force through a move.
Suarez has been frequently linked with Arsenal, whose biggest spend on a player is the £15million they paid to Zenit St Petersburg for Andrey Arshavin in 2009.
By exceeding the £40million mark, Arsenal's offer means Liverpool have to inform Suarez of the offer but it does not trigger a buy-ou...