Liverpool could lose out in the race to sign Crystal Palace captain Marc Guehi in 2026.
Arne Slot spent £415m on new players in the summer transfer marker, as the defending Premier League champions hit the September 1 deadline as the highest spenders.
That outlay was balanced against £187m brought in via sales at an overall net spend of £228m [$307m].
Slot twice broke the Premier League transfer record, with deals for Florian Wirtz [£100m plus add-ons], before a deadline day £125m deal for Alexander Isak.
However, after completing the paperwork on Isak, the Reds hierarchy missed out on a £35m swoop for Guehi.
Palace chairman Steve Parish confirmed his intention to sell Guehi, to avoid losing him on a free transfer when his contract expires in June 2026, with no renewal planned.
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After Palace failed to sign a replacement, Guehi's move to Anfield was blocked, and the 25-year-old is rumoured to be furious over the collapsed agreement.

Liverpool will not make a cut-price offer in January, but they now face competition from Real Madrid to sign Guehi as a free agent, and reports from Football Insider indicate he will reject a switch to Merseyside.
Sources have told FI, Guehi and his representatives 'blame' Liverpool for not getting a summer deal over the line, amid claims the Reds 'delayed a move and spent too long haggling over the fee and the terms of the deal'.
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