Southampton have reportedly rejected two offers for highly-rated teenager Alex Oxlade-Chamberlain.
The 17-year-old midfielder has been heavily linked with a move to the Barclays Premier League in recent weeks, with both Liverpool and Arsenal sending scouts to monitor the player's progress.
According to reports in the Daily Mail this morning, both the Gunners and Reds have had offers of £5 million up-front plus additional add-on fees rejected by the Saints.
Southampton chairman Nicola Cortese has constantly stated that the St Mary's side do not have to sell their prized asset, and the latest development backs up the Italian's claims.
Arsenal were originally thought to be leading the race for the player, dubbed in some circles as 'the next Theo Walcott'. His father, Mark Chamberlain, distanced his son from this link last week whilst claiming the player was more suited to a central midfield role.
Liverpool director of football strategy, Damien Comolli, has made personal visits to watch Oxlade-Chamberlain on a number of occasions, and the Daily Echo reports that Kenny Dalglish has also seen the player.
Arsene Wenger recently spoke on the Gunners' interest in the player, although attempted to cool speculation over an Emirates switch at the start of the week by saying a deal to bring the player to Arsenal was still someway off.
With their reputation for bringing the best out of young talent in north London, Chamberlain senior weighed into the debate further by stating Arsenal was the ideal destination for his son should he leave the south Coast.
That hasn't stopped Liverpool from continuing their interest in the player though, and after being set a remit of bringing top young talent to Anfield by NESV, Comolli remains keen on Oxlade-Chamberlain.
General reports claim the Saints are holding out for around £10 million up-front, and with only five days left in the transfer window it appears the saga will rumble on.