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The Reds will have to submit an offer of more than £70m as Eintracht Frankfurt rejected an offer from Newcastle for that sum earlier this week.
But Liverpool have told the Bundesliga club that they are ready to bid for the player.
Ekitike, 23, is now understood to be favouring a move to Anfield and talks could now intensify when Liverpool submit a bid.
The Reds approached Frankfurt on Wednesday to register their interest and later informed the club they are ready to bid.
The Reds currently believe that the Magpies will not sell their star striker this summer - leaving Liverpool to muscle in on a long-time Magpies target.
As such, Ekitike has jumped to the front of the queue on Merseyside, with Frankfurt ready to part ways if their valuation of the France striker is met.
Despite qualifying for the Champions League, the German club know that selling now will offer them the maximum they can get for the ex-PSG star, and allow them to reinvest.
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Liverpool want a new front man with Darwin Nunez expected to leave this summer if suitors can be found.
Bayern Munich are also expected to bid again for Luis Diaz after a £58.6m bid was rejected by the Reds this week.
Liverpool have spent big this summer with the signing of Wirtz from Bayer Leverkusen for an initial £100m rising to £116m, while they also paid the German side £29m for Jeremie Frimpong.
They’ve shelled out £40m to land Milos Kerkez from Bournemouth and the £30m deal for keeper Giorgi Mamardashvili from Valencia was agreed last summer.
Liverpool are also interested in Alexander Isak, but Newcastle do not want to sell(Image: Getty Images)
Newcastle meanwhile are desperate to add another striker to partner Isak and having learned that Ekitike wants a move to Merseyside are targeting Brentford's Yoann Wissa.
The Bees are determined to keep their centre-forward however on the back of a 19-goal Premier League season last term and particularly with Bryan Mbeumo wanting to join Manchester United - having also decided against a move to Merseyside.
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