Liverpool last broke their transfer record in January 2011 when they splashed out £35m on Andy Carroll, as reported by BBC Sport.
And, according to an exclusive report by The Telegraph, the Reds have been told that they will have to spend another £35m this summer if they want to sign Arsenal midfielder Alex Oxlade-Chamberlain.
England international Oxlade-Chamberlain has just over 12 months left to run on his current contract, so £35m seems like an optimistic valuation by the Gunners.
However, The Telegraph claim that Liverpool have not let this asking price put them off the former Southampton star.
More than half of the 25-year-old’s 25 Premier League appearances have come as a substitute.
He is frustrated at his lack of starts, add The Telegraph, who report that Liverpool manager Jurgen Klopp hopes to take advantage of the player’s frustration.
Oxlade-Chamberlain is coming towards the end of his sixth season at the Emirates Stadium. It could well be his last.