The Croatian side want £16 million from Liverpool for their man.
Croatia's Marko Pjaca in action with Spain's Nolito
Dinamo Zagreb have rejected a £12.2million bid from Liverpool for winger Marko Pjaca, reports Gazzetta dello Sport.
The winger had impressed for Croatia at Euro 2016 before their exit to Portugal in the last 16, catching the eye of several teams.
That led to Liverpool making a bid for his services this week, offering €15 million, around £12.2 million to try and bring him to Anfield.
Croatia's Marko Pjaca in action with Spain's David Silva
That was swiftly rejected by Dinamo, who according to Gazzetta dello Sport are holding out for at least €20million euros for their man, around £16 million.
It is unknown whether the Reds are willing to match that price for the 21-year-old at present although it is believe that they are leading the chase for his signature.
(From L-R) Croatia's Marko Pjaca, Ante Coric, Filip Bradaric and Domagoj Pavicic before the match
They are not the only team looking to secure him this summer as several Serie A sides are also keen on his signature.
Inter Milan, Roma and Fiorentina are all chasing him also in what may prove to be a drawn out transfer tussle if Dinamo play hard ball over their asking price.
However, according to Gazzetta the current asking price is too much for them and perhaps Liverpool would be wise to stump up the difference to secure him ahead of their Italian rivals.
Liverpool manager Juergen Klopp