Liverpool have told Arsenal that they will only do a deal for want-away winger Raheem Sterling if Theo Walcott and Kieran Gibbs are included, sources have told ESPN FC.
Sterling, 20, is refusing to sign a new contract at Anfield and is widely expected to leave before his current deal expires in the summer of 2017.
Liverpool have said repeatedly that he is not for sale, but with the contract saga continuing, they are attempting to leverage any deal so it bests suits them.
Indeed, sources close to the deal have told ESPN FC that they have approached Arsenal about the possibility of swapping Sterling for left-back Gibbs and forward Walcott, especially as it is known that manager Arsene Wenger is interested in the Anfield winger.
Liverpool believe the two players would ideally fill the gaps in their squad, while also adding an element pace that was too often missing last season.
Gibbs, 25, has found himself behind Nacho Monreal in the pecking order for Arsenal during the second half of the season, while Walcott's future is unclear as he has yet to pen an extension to his current deal which expires in 2016.
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