Liverpool have made an offer of €72m for Monaco winger Thomas Lemar, according to French publication L'Equipe.
The potential transfer would also include a further €8m in bonuses as Liverpool look to secure the in-demand wide player before the close of the transfer window.
L'Equipe claim that Liverpool will need to call Monaco vice president Vadim Vasilyev on Monday to conclude negotiations.
Lemar has been a long-term target for Arsenal, but the Gunners have seen a number of bids rejected and manager Arsene Wenger last week said that the transfer was "dead".
The Telegraph have, however, reported that Monaco are not willing to sell the 21-year-old having already seen Tiemoue Bakayoko, Benjamin Mendy and Bernardo Silva leave the club.
Striker Kylian Mbappe also appears set to move on loan to Paris Saint-Germain ahead of a permanent transfer next summer.
Monaco could yet look to hold out for a larger fee than that offered by Liverpool for a player they regard as one of French football's most talented youngsters.
Lemar has also been linked with Premier League clubs Tottenham and Chelsea, with the latter potentially seeing him as an option to play as a wing-back.
But bidders have reportedly been told that only one of Bakayoko or Lemar will be sold this summer, and with the former having departed for Chelsea, it remains to be seen what Monaco's stance will be on Liverpool's offer.
Lemar scored 12 goals and provided 14 assists last season as Monaco won the Ligue 1 title and reached the semi-finals of the Champions League.