Liverpool have warned the likes of Arsenal, Chelsea and Real Madrid that they must spend big if they hope to recruit the services of Luis Suarez before this summer's transfer deadline.

According to The Sun, Liverpool will not entertain any offers below £40 million for Suarez, who has outlined his intention to leave Anfield having grown frustrated by life in the Premier League.

This would appear to make Real Madrid favourites to win the race to sign the Uruguay international, although Arsenal and Chelsea are unlikely to give up in their respective pursuits of the player.

Arsenal are reported to have already made an attempt to bring Suarez to the Emirates Stadium, with Arsene Wenger failing this week with a £30 million to land the forward.

The Gunners, it is claimed, will consider increasing their offer for Suarez to around £35 million, but it remains to be seen if Wenger would be willing to reach the valuation placed on the player by Liverpool.

Despite Suarez's want to leave English football, he has admitted that he has been flattered by links to Arsenal, which may provide the north London club with hope they can persuade the Uruguayan to stay in the Premier League.

Suarez also hinted that he may be open to a transfer to Chelsea, were Jose Mourinho to bid to bring the player to Stamford Bridge in his pursuit of goalscoring reinforcements.

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