Liverpool's stance is clear. They have zero interest in letting Luis Diaz leave this summer. The Colombian winger is not for sale and Barcelona have been told they cannot speak to the player about a potential move in the next few months. But the noises coming out of Liverpool are also that a new deal is unlikely to be offered. They have no plans to open talks about an extension. Diaz turns 29 next January and is under contract until the summer of 2027.
He is also due a huge salary increase given he is believed to earn around £55,000 a week on Merseyside - the same wages he has been paid since joining from Porto in January 2021. His contract situation means his transfer value will only decline when this window shuts. Clubs know he stands to become a free agent. If a new deal is not agreed this summer, there will not be one put on the table next year - because of his age and the club's policy not to hand big-money deals to ageing players.
But with the changes Liverpool are making elsewhere in attack in the current transfer window, they obviously feel Diaz would be a useful asset to keep as they defend their Premier League title. The No.7 had statistically his best season in a red shirt in Arne Slot's maiden campaign with 17 goals and eight assists across all competitions.
With Florian Wirtz and potentially a new centre-forward arriving on Merseyside in the next few weeks, having some continuity out wide with Diaz, Cody Gakpo and Mohamed Salah will aid the transition as change happens centrally - with both Darwin Nunez and Diogo Jota potentially leaving.
The Premier League champions are not completely opposed to an exit but any move would take an obscene fee to green-light a deal. A Saudi Pro League club could yet come in with £80million or so which would allow Liverpool to sign a high-quality replacement and might force a change of thinking.
But keeping Diaz this summer would appear to point to an exit in 2026, perhaps to Barcelona who he has long dreamt of playing for. By then, Liverpool will know they are 12 months away from not just Diaz's contract expiring, but the deals of Salah, Virgil van Dijk, Alisson and Jota (if he's still a Liverpool player) all ending.
They will not want to replace them all in one window. Therefore, selling Diaz in 12 months' time and signing his successor a year before they need to buy Salah's replacement makes more sense. It allows a steady stream of transition rather than a sudden river of change that carries greater risk of failure.
Liverpool already have a lot of replacing to do this summer. Jeremie Frimpong takes Trent Alexander-Arnold's place, Milos Kerkez is the long-term successor to Andy Robertson at left-back and Giorgi Mamardashvili arrives with the view to succeeding Alisson as the No.1 at Anfield in the years to come. A new No.9 could also come in to replace Nunez. Wirtz is the kind of superstar signing the board have been primed to do for years with the German potentially their next flagship footballer after Salah.
Replacing Diaz this summer just appears one task too many. Liverpool's owners Fenway Sports Group are ultimately giving up millions in the process. They may have to accept around £30m for Diaz in 2026, when he will only be a year away from becoming a free agent, rather than £50m to £60m this summer.
But they do not want to overbear themselves and ultimately, keeping Diaz in his prime age coming in off a very productive season, suits Slot's team best. It improves their chances of winning the Premier League and Champions League next season even though the long-term health of the club might selling him to Saudi Arabia for £80m and signing someone like Anthony Gordon would be best.
They are not totally opposed to that. But any deal before the end of August will need to be on Liverpool's terms. For what it's worth, Diaz himself said this week: "I'm very happy at Liverpool - I've always said so. The transfer market is opening, and we're trying to arrange what's best for us. I'm waiting to see what happens.
"If Liverpool gives us a good extension or I have to see out my two-year contract, I'll be happy. It all depends on them. I'm here to decide and see what's best for us and the future."
That answer would suggest he too knows his situation. Another season of competing for, and possibly winning, major honours with Liverpool before waving a fond farewell in 2026 and perhaps getting his dream move to Barcelona may just suit all parties.