Liverpool are lining up a second formal bid for Porto winger Luis Diaz, according to Strikers.Futbol reporter Julian Regueyro.

The Argentinian journalist claims that the Reds have already had a €40m (£34m) proposal knocked back by Porto but they are not looking to give up on the deal.

It is believed that the Merseyside club are ready to raise their offer to €50m (£42.3m), with €30m being paid up front with the remaining €20m handed over in three instalments.

Regueyro doesn’t have much of a track record so it is hard to tell whether he is a reliable source or not, but it’s probably wise to treat this story with some caution.

The details of the offer from Liverpool for Diaz are quite specific, though, so perhaps he does have someone close to the player or his agent who he is receiving information from.

The Colombian international has also been linked with Manchester United and Chelsea in recent weeks so we shall see if a Premier League team does make a move for him next month.