The Anfield outfit believe the Uruguay forward is worth more than Fernando Torres was when he left for Chelsea.
Liverpool are determined not to listen to offers for anything less, although once a fee hits that target they could be tempted to sell, according to the Guardian.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.