Liverpool owner John W Henry has insisted the club will not sell Luis Suarez to Arsenal, leaving the door open to Real Madrid.
The Uruguay international admitted earlier this week that he wanted to leave Anfield, claiming the Merseyside team had ‘broken a promise’.
But the side’s chief has claimed that they will not let their star striker go to a League rival, opening up the possibility of a move to the interested Blancos.
"We are not going to sell Luis," Henry told reporters.
"We're not in Europe this year and have not been in the Champions League for a while. To sell to a rival for those positions, or one of them, would be ludicrous.
"Liverpool needs to be playing in Europe, it needs to be playing in the Champions League. That's what Liverpool football club is about."
"I'm unequivocal that we won't sell to Arsenal, whatever the bid is. I have not said it to Stan [Kroenke, Arsenal's majority shareholder] but I had a personal conversation with Ivan Gazidis [Arsenal chief executive] and told him we would not sell.
"He won't be sold even if a foreign club comes in, because we do not have time to sign a suitable replacement.
"It's a football reason, it's not about finances. That's why, at this point, so late in the window, with everyone who's already moved or isn't moving, we can't replace him. So, for football reasons, we can't sell, and especially to Arsenal."