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The Reds made an approach for the Sweden international on Tuesday and informed the Magpies they would be willing to pay a record transfer fee.
The £120million touted appears to have done little to sway Newcastle, however, who remain adamant they have no plans to sell the striker after he scored 23 goals in the Premier League last season.
Newcastle had hoped to sign the French Eintracht Frankfurt forward to play alongside their star striker, and are said to have had a £70m bid rejected.
But Liverpool have enquired over a number of options.
The Merseyside club have asked about Ollie Watkins and Yoane Wissa of Aston Villa and Brentford respectively, and even discussed Victor Osimhen with Napoli in discussions over Darwin Nunez, report the Mail.
READ MORE:Transfer news LIVE: Liverpool move for Isak, Arsenal book medical, Man Utd begin talksREAD MORE:Liverpool star Ibrahima Konate rejects transfer approach to quit Anfield THIS summer
The club are also aware of Rodrygo's potential availability from Real Madrid.
Liverpool have rejected a £58.6m bid from Bayern Munich but Diaz, 28, is understood to be interested in making the move.
The club value him in excess of £86m (€100m) but refuse to put a price on him given their position.
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