Bayern Munich have submitted a formal proposal to sign winger Luis Diaz from Liverpool. The 28-year-old Colombia international has emerged as a top target for Bayern and their first official proposal arrived on Tuesday. It was worth €67.5million (£58.6m; $78.8m) and immediately rejected by the Premier League champions.

Liverpool have rejected a €67.5 million (£58.6m) bid from Bayern Munich to sign forward Luis Diaz, a source told ESPN.

Liverpool have responded to Bayern Munich’s interest in Luis Diaz by naming their price for the Colombian winger.