Liverpool have turned down Arsenal's latest bid for star striker Luis Suarez as he prepares to make his first pre-season appearance in Wednesday's friendly against Melbourne Victory at the MCG.
The offer of STG40 million ($A66.6 million) - plus a pound - was immediately refused by the Anfield club, Press Association Sport reports.
Uruguay international Suarez flew to Australia on Sunday after being allowed to take extended leave following his involvement with his country in the Confederations Cup.
While he was away, the 26-year-old spoke about the attraction of Real Madrid, and his agent Pere Guardiola has told Liverpool the player wants to play in the Champions League but will not try to force through a move.
Suarez has been frequently linked with Arsenal, whose biggest spend on a player is the STG15 million ($A25 million) they paid to Zenit St Petersburg for Andrey Arshavin in 2009.