Liverpool are reportedly prepared to make Trent Alexander-Arnold one of the top earners in the club with their last offer.
The England international full-back's current contract with the Reds expries in June and he is reportedly wanted by Real Madrid as well.
Los Blancos have already made an approach for the 26-year-old last week, but the Reds rejected the approach immediately as they don't want lose the player this month.
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According to the Mirror, the Reds have finally made a contract offer for the right-back, which would see him earn £78 million on the new five-year contract.
Reports in England claim that Alexander-Arnold currently earns £180,000-a- week, which already makes him the third highest earner behind Virgil van Dijk and Mohamed Salah, who are both out of contract in June as well.
The report adds that the new offer will see the right-back earn around £300,000 a week, which is similar to the deal offered by Los Blancos, who are said to be offering a signing-on fee as well.
Reds coach Arne Slot commented on the future of Alexander-Arnold ahead of Sunday's clash against Manchester United.
"I am convinced that he is playing for us on Sunday and I think it is so difficult in football to talk about what happens in a month or in six months," Slot said, as per Goal.
"You can also ask me the question: 'Are you convinced that Virgil [van Dijk] and Mo [Salah] are here next season?'
"It is such a difficult question to answer because there is hardly any long term in football, especially not for a manager, so your only focus is on the short term. The only thing I do know is that he [Alexander-Arnold] is fully focused and ready to play for us on Sunday and as long as he is here."