Liverpool offered €50million (£42m) for Real Madrid winger Marco Asensio, according to reports in Spain.
Radio station Cadena COPE broke the news, which newspaper AS later confirmed as being true, that the bid was instantly rejected.
The 21-year-old winger is one of the hottest properties in European football and scored in Real Madrid's extra-time win over Bayern Munich this week.
Indeed, the youngster impressed so much that Bayern's sporting director Michael Reschke claimed the club "should build a monument" for whoever signed Asensio for €3.5m from Real Mallorca.
The Spanish international has stepped up to fill the void left by Gareth Bale's increasingly lengthy absences through injury, starting 13 games and featuring as a substitute on many more occasions.
Liverpool are known to be in the market for attacking width, and obviously set their sights high in trying to nab one of Real Madrid's most highly-rated young prospects.
There appears to be little chance Florentino Perez will let the islander leave Madrid any time soon.
Liverpool boss Jurgen Klopp took the opportunity to deny any interest in signing Joe Hart in his press conference on Wednesday.
Reports had claimed a deal was nigh-on certain to take the £20m-rated England keeper to Anfield in the summer but Klopp scotched the talk.
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"Extra competition? We always think about the squad and the goalkeeper, but even when you don’t say the name, is it about Joe Hart?
"We don’t talk about things like this, but in this case we can. He is a fantastic goalkeeper, the keeper of the English national team, but we have highest quality goalkeepers, so it is not for us and hopefully not in the future.
"Not because of Joe, but we have already two strong goalkeepers. The situation around the goalkeeper is good."