Liverpool have turned down a Chelsea bid worth a reported £35million for striker Fernando Torres, according to a spokesperson.
Chelsea have been linked with several forwards during January, but their interest in Spain World Cup winner Torres was thought to have cooled since the summer.
Chelsea have had their transfer ban lifted by the Court of Arbitration for Sport after reaching an agreement with Lens over the signing of Gael Kakuta.
A statement on the CAS website said that the two clubs and the player had accepted the player's contract with the French side was not valid.
The Court of Arbitration for Sport (Cas) has granted Chelsea's request for their Fifa transfer ban to be suspended pending a final decision.
Chelsea were initially handed a ban over the next two transfer windows for their part in the signing of French teenager Gael Kakuta from Lens in 2007.