Liverpool gave Arsenal a take-it-or-leave it offer to sign Luis Suarez in the summer, according to Goal.
In the final days of the summer transfer window, when Brendan Rodgers was still struggling to convince Suarez that his long-term future was at Anfield, the Reds gave Arsene Wenger the chance to finally land his man.
Liverpool wanted £40million, but instead of adding a solitary pound, Rodgers wanted Theo Walcott as part of the deal. Valued at £25m, Walcott would have taken the deal's value up to an impressive £65m.
But Wenger was not tempted by the deal, believing the Uruguayan's price tag was too inflated and was unwilling to lose England forward Walcott.
It is a confusing revelation, as Liverpool seemed adamant that they would not sell Suarez to a main Premier League rival. The £40m-plus-£1 rattled the cage of owner John Henry, who admitted that further bids from the Emirates would not be considered.
The 27-year-old went on to sign a new £200,000-a-week deal at Anfield, becoming Liverpool's highest ever player and inserting a release clause believed to be between £60m and £70m.
After scoring 23 goals in the first 24 games of the Premier League season, and with Walcott injured for the rest of the season with a serious knee injury, it seems Wenger may have missed a terrific opportunity.
Speaking ahead of the game against Liverpool, Wenger admitted he was no longer interested in signing Suarez, indicating that he had now moved well out of Arsenal's price range.