Liverpool rejected swap deal for €70m star that included Federico Chiesa

Liverpool have reportedly rejected an audacious 'swap' deal that would have seen Federico Chiesa leave the club.

The Reds have agreed a £125 million deal to sign striker Alexander Isak from Newcastle after a protracted transfer saga this summer.

They are also closing in on a £35 million move for Crystal Palace captain Marc Guehi, who has entered the last year of his contract.

It has been a summer of big spending for the Reds, with their £105 million move for Florian Wirtz from Bayer Leverkusen almost breaking the British transfer record that will now be smashed by the Isak deal.

They have also completed moves for Jeremie Frimpong, Milos Kerkez, Hugo Ekitike and Giovanni Leoni, with their spending now set to comfortably pass the £300 million mark.

That figure has been offset by some sales, however, with Jarell Quansah, Luis Diaz, Ben Gannon Doak and Darwin Nunez all departing the club.

Arne Slot's side have accumulated over £150 million from sales, which explains just how they have been able to splash the cash so significantly in the incoming direction.

But they did turn out an audacious deal that would have seen Chiesa leave the club.

According to the Daily Mail's Lewis Steele, Liverpool turned down interest from AC Milan in Chiesa earlier in the window.

Love it, Fede 😍🇮🇹 pic.twitter.com/pRSsJGOJ7l

— Liverpool FC (@LFC) August 17, 2025

That move would have represented a return to Serie A from the Italy international winger after spells at Juventus and Fiorentina.

Steele adds that Liverpool were offered Rafael Leao from Milan, but also decided they did not want to sign the Portuguese international.

In effect, therefore, the move would have been a swap deal between the 2005 and 2007 Champions League finalists.

The club will instead put their full focus on getting a deal for Guehi over the line, with Crystal Palace still attempting to secure a replacement after their loan move for Brighton defender Igor fell through.