Liverpool have made an enquiry to sign Monaco winger Thomas Lemar for a club-record fee of around €60m (£56m), according to reports.
The Reds are reported to have first made an approach for the 21-year-old earlier this summer and their interest remains active.
Arsenal have had at least two bids for Lemar turned down by Monaco this summer, with manager Arsene Wenger saying last week that the Ligue 1 club had "closed the door" on a move for the winger.
Paris Saint-Germain are also reported to be closing in on a season-long loan deal to sign Monaco's teenage striker Kylian Mbappe.
"It's (move for Lemar) dead because Monaco have closed the door definitely, I think," Wenger was quoted as saying by FourFourTwo.
"They're still on cases like Mbappe and Fabinho. They lost already Mendy, Bernardo Silva and Bakayoko. Monaco is at a stage where they've closed the door. We have the numbers and quality to deal with that."
Lemar scored nine goals in 34 Ligue 1 appearances to help Monaco win the domestic title last season. He has three years left on his contract at the French club.
Meanwhile, Liverpool boss Jurgen Klopp has said he still hopes to keep Coutinho at Anfield amid rumours of a fourth bid from Barcelona for the Brazilian playmaker.
"It is not about confidence in this situation, it is about what the owners have said. That is the situation," Klopp was quoted as saying by the Sun after Liverpool's 4-0 win over Arsenal on 27 August.
"There is no problem like this. You can imagine, if he had been a part of this game it probably would not have been worse huh?"
Coutinho is yet to make an appearance for Liverpool this season.