Liverpool are reportedly set to beat Arsenal to the £12million signature of Southampton winger Alex Oxlade-Chamberlain
Arsenal were believed to be closing in on a deal for the 17-year-old, with Gunners boss Arsene Wenger confident that the teenager was heading to the Emirates.
But after missing out on Phil Jones last week, Wenger could reportedly miss out on another transfer target, with the Sunday Mirror reporting that the Merseysiders have hijacked their bid for the midfielder.
Liverpool boss Kenny Dalglish, who this past week splashed out £20m to sign Jordan Henderson from Sunderland, has reportedly matched Arsenal's offer and believes that Oxlade-Chamberlain will now decide to move to Anfield.
If successful, it would be Dalglish's second big signing of the summer, with several more targets lined up, including Aston Villa winger Stewart Downing, Ipswich striker Connor Wickham (see below), Blackpool captain Charlie Adam and Bolton defender Gary Cahill.
Downing and Cahill have both been linked with Arsenal in recent weeks.
According to Sunday's report, Dalglish will look to balance the books by selling £10m-rated defender Daniel Agger, while the club are still hoping to offload Italian midfielder Alberto Aquilani.
Aquilani's £14m move to Juventus broke down last week, but it is thought that the Italy international could still find a buyer in Serie A over the summer.
Liverpool are also looking to solve their left-back problem, with Newcastle's Jose Enrique their first choice and Arsenal defender Gael Clichy still on their radar should they be unable to sign the Spaniard..
The Gunners and Liverpool were both believed to have had bids for Oxlade-Chamberlain rejected during the January transfer window, with both Premier League clubs reportedly offering £5m with further payments being made in the future.
But the Saints were holding out for a higher fee up front and the player remained with the League One outfit.
Southampton manager Nigel Adkins earlier this year insisted that the club would make a decision based on which deal would be best for the player, rather than who was willing to offer the club the most money.
If Liverpool's offer is successful, it will be the second big blow in a matter of days for Wenger, who still has concerns over several of his key players, with Samir Nasri and captain Cesc Fabregas - in addition to Clichy - still being linked with moves away from the north London club.