Liverpool could reportedly make a fresh move to sign Southampton winger Alex Oxlade-Chamberlain after Arsenal's bid was reportedly dismissed.
Arsenal have been leading the race to sign the 17-year-old for some time, although the Saints are doing everything they can to keep the promising young player at the club.
Southampton boss Nigel Adkins last week admitted that despite the interest from Premier League clubs, the League One side did not want to let Oxlade-Chamberlain go.
And according to the Daily Star, Saints have rejected a £6million bid from Arsenal for their prize asset.
A source told the newspaper of Arsenal's offer: "It was regarded as derisory, and would not have been accepted even if the club had been on the brink of bankruptcy."
Both Arsenal and Liverpool tried to sign the teenager during the January transfer window but were unsuccessful as it was believed Southampton were wanting a larger fee up front than either club was prepared to pay.
Southampton want £12m for the midfielder and Arsenal's failed bid could reportedly lead to Liverpool re-entering the race to sign him, as manager Kenny Dalglish continues to try and bring talented, young players to Anfield this summer.
Adkins had last week said of the interest in Oxlade-Chamberlain: "We're not trying to sell him, he's had a good first season here and the important thing is he's still here.
"There's speculation linking him with other clubs but we want him to stay, and those are the facts."
He added: "I had a good conversation with him this week, he had a good first season with us, he loves Southampton and he openly admits that.
"There is always going to be interest in Alex, not just from Arsenal but from every football club in this country and abroad.
"But he's training very hard with the players at the moment, doing his fitness tests, and we're looking forward to the campaign, it's as simple as that."