Reds will have to up offer for French striker.
Liverpool have reportedly failed with an opening bid of £47m to sign Real Madrid striker Karim Benzema, according to Spanish source Fichajes.com.
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The Reds have recently been linked strongly with a move for the prolific French international, whom the club see as an ideal replacement upfront for Luis Suarez, who left in a £75m move to Barcelona this summer.
Although Liverpool moved to sign Mario Balotelli from AC Milan this season, Brendan Rodgers remains unconvinced by the player after some poor early-season form, and Benzema has been lined up as a top target for the January transfer window.
However, it has emerged that the Merseyside giants will have to improve on their offer of £47m if they hope to land the former Lyon star, who has been a key performer for Real in his time with the club.
The 26-year-old has scored 114 goals in 245 games for the Spanish giants, and formed a key part of the team that won the Champions League and Copa del Rey double last season.
Real will be under pressure not to sell more big-name players after letting influential figures such as Xabi Alonso and Angel Di Maria leave this summer.