Real Madrid are only willing to pay £20million to sign Trent Alexander-Arnold in the January transfer window, according to reports.
Alexander-Arnold is out of contract at the end of the season and could leave Liverpool on a free transfer, with the defender now able to sign a pre-contract agreement with non-English clubs this month.
Madrid have been heavily linked with a move for the England international and have made a formal approach to sign him in January. Liverpool have rejected that approach and Mirror Football understands the club remains hopeful that Alexander-Arnold will sign a contract extension.
However, multiple reports from Spain have stated that Alexander-Arnold has already informed Madrid that he wants to complete a move to the Bernabeu. And a fresh report from Marca states that Madrid are willing to pay up to £20m to sign Alexander-Arnold six months early.
Madrid's first-choice right-back Dani Carvajal suffered a season-ending knee injury back in October and the early arrival of Alexander-Arnold would bolster their chances in both LaLiga and the Champions League.
Carlo Ancelotti's side currently sit second in LaLiga, just one point behind Atletico Madrid, while they are 20th in the revamped league phase of the Champions League. However, the report does acknowledge that it is unlikely Alexander-Arnold will leave Anfield this month.
It comes after Liverpool legend Jamie Carragher suggested Alexander-Arnold and his camp encouraged Madrid to make a formal approach in an attempt to "cover themselves when he leaves for free".
He also criticised the timing of the approach, with Liverpool set to face rivals Manchester United on Sunday. "The most important thing for Liverpool in 2025 is winning the Premier League," Carragher wrote in a post on social media.
"No one's contract or future should come in the way of that! I love Trent as a lad & a player, but his team would've told Real Madrid to bid & also would've known LFC would turn it down. It's to try & cover themselves when he leaves for free. Again it's something the club/fans don't need with a huge game coming up."