Liverpool are prepared to demand as much as £40m to sell midfielder Harvey Elliott this summer, a report has claimed.

Elliott, still only 22 years old, has openly admitted his frustration towards his limited minutes under manager Arne Slot, who is yet to hand the midfielder a Premier League start and has found just over 600 minutes of action across all competitions to give out.

It was revealed late last month that Liverpool are open to cashing in on Elliott this summer if a "good offer" arrives, with Newcastle United among those reported to be considering a transfer swoop at the end of the season.

According to The Chronicle, it will cost the Magpies, or any other suitor, a total of £40m to land Elliott's signature.

Liverpool paid an initial £1.5m, plus a further £2.8m in performance-related add-ons, to sign a 16-year-old Elliott from Fulham in 2019, and there is a recognition inside Anfield that his sale could generate significant profit in a summer in which they are hunting a big-name striker signing.

Since joining the side he supported as a child, Elliott has made 141 appearances across all competitions, comfortably establishing himself as a Premier League-level player with a return of 14 goals and 17 assists.

It is thought that Elliott's combination of youth and experience fits in well with Newcastle's transfer strategy. The Magpies are looking to recruit more homegrown players this summer, particularly if academy graduate Sean Longstaff leaves the club. The 27-year-old has been linked with Manchester United and Everton.

There have been suggestions that Liverpool could try to use Newcastle's interest in Elliott to lower the Magpies' asking price for striker Alexander Isak, whose £150m valuation is expected to be far too high for Slot's side.

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