Liverpool are in advanced talks to tie wonderkid Harvey Elliott to a new contract, Football Insider understands.

The teenager attacker is in line to put pen to paper on a three-year deal soon after he turns 17 at the start of next month.

A Liverpool source has told Football Insider that the club have offered Elliott his first professional contract and an agreement over the terms are close to being finalised.

Elliott signed for the Merseyside giants from Fulham in July of last year on youth terms as he cannot pen a professional contract until his 17th birthday.

Players in England are not allowed longer than three year deals at 17, although it rises to a maximum five years when they are 18.

Jurgen Klopp has already demonstrated great faith in the potential of Elliott and has already handed him seven appearances.

Six of those have come in cup competitions, all of which came in the starting XI for the youngster.

Liverpool and Fulham are still to agree a fee for the left-footed forward, who is the youngest player to ever appear in the Premier League.

The Londoners want a compensation package which includes an upfront payment of more than £7million and a sell-on clause in which they would receive a percentage of any profit the runaway Premier League leaders make on his sale.

An independent tribunal is primed to make a decision on the matter should there be no breakthrough in talks between the two clubs.

The record fee for a tribunal was set when adjudicating on striker Danny Ings’ transfer from Burnley to Liverpool in 2015.

In that case, Liverpool were ordered to pay £6.5m plus £1.5m in add-ons as well as 20 per cent of the profit they made on his £20m transfer to Southampton.

In other Liverpool news, it can be REVEALED that the club are opening talks on defender deal worth £50million including bonuses.