Newcastle are ready to resist any attempt to lure James Milner away from St James' Park.
The 22-year-old midfielder has repeatedly been linked with Liverpool and Aston Villa since the end of last season despite being under contract until 2011, although no cash bid has been received from either.
Reds boss Rafael Benitez is understood to have offered three reserve-team players in exchange for the England Under-21 international, a proposal which was met with disdain on Tyneside.
Newcastle's valuation of a player for whom they paid £3.6m when they bought him from home-town club Leeds during the summer of 2004 is thought to be worth considerably more.
However, the latest word from St James' is that manager Kevin Keegan is not looking to sell Milner, and that interest in Tottenham's Aaron Lennon is waning.