Shakhtar Donetsk denied receiving any bids from Liverpool for Henrikh Mkhitaryan, but admitted they would be open to a sale if the right offer came in during the summer transfer window.
The Reds have been heavily linked with the playmaker in the last couple of weeks, with some reports suggesting Liverpool had made a bid of a little over £20 million ($31 million) and were closing in on the signing.
However, Shakhtar chief executive Sergei Palkin said they were yet to hold talks with anybody from Liverpool over a move for Mkhitaryan, who scored 25 goals last season.
"As you know, there have been too many different conversations about Henrikh Mkhitaryan," he told Russian newspaper Izvestia.
"But the situation has been strongly and artificially inflated. I can say that we have had no communication from any member of Liverpool."
Palkin added Shakhtar were keen on keeping the Armenian international at the club next season, but acknowledged he could be sold for the right price.
"Henrikh is an important player in our team," he added. "Shakhtar want to keep him but we are willing to listen and consider all proposals for his transfer.
"We have already parted with Willian and Fernandinho but the club will not just sell players.
"Soon we will also strengthen ourselves with quality players, designed to replace those who have left."
Meanwhile, Jamie Carragher believes manager Brendan Rodgers will do his summer transfer business quickly and then concentrate on making a flying start to next season's English Premier League campaign.
The fixture list for the new season was released on Wednesday, with Liverpool set to begin their season with a home game against Stoke City, followed by a mouthwatering tie with Manchester United in the third week.
"I'm sure Brendan Rodgers has learnt a lot over the last 12 months and I think he's raring to go this season," Carragher, who retired at the end of last season, told Sky Sports.
"I spoke to him at the end of the season and he wants to get his business done early. At the moment it looks like Liverpool are trying to get players in as quickly as possible so they are ready for the start of the season.
"They'll look at that Stoke game -- Mark Hughes' first game as well, so they'll be desperate to get off to a good start -- it's a good game for Liverpool. I'm sure they will be looking to get three points and hopefully use that as a platform to push on.
"The first five or six fixtures look a lot easier, on paper, than they were last season. Arsenal and Manchester City were the first two home games last year. Obviously there's a big game in there with Manchester United, the third game.
"In the first couple of games, hopefully they can get three, four, maybe six points and get off to a good start.
"That's certainly what they need because Liverpool need to be doing a lot better in terms of challenging for the top four and getting back into the top four. They really need to make a good start."
