Liverpool are ready to make Fulham a new offer for wonderkid Harvey Elliott to avoid a tribunal setting the fee, Football Insider understands.

The Londoners are holding out for a fee of more than £7million for the teenager attacker, who has already played twice for the Merseysiders at the age of 16.

A source with knowledge of the situation has told Football Insider that Liverpool will make an attempt to finalise an agreement over Elliott’s transfer fee.

Elliott signed for Liverpool in July on youth terms – he cannot sign a professional contract until he turns 17 next April – as they took advantage of his availability at a reduced price.

Fulham 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 Liverpool make on his sale.

The Londoners are hopeful of securing a record compensation fee for Elliott given that he is such a rare talent he made his Fulham debut aged 15 and has twice been in the starting XI of the European champions.

A left-footed winger who cuts in from the right flank, Elliott has been training with the first team this season although most of his matches have been for the Under-23s.

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, a first-team left footer has told friends he wants to QUIT next year.