Nottingham Forest had tabled £25m guaranteed plus a further £5m in add-ons for the 19-year-old, according to The Times, but were told in no uncertain terms that Liverpool have no intention of selling before Tuesday's deadline.
The approach came just days after Forest saw an initial bid accepted for Everton's Harrison Armstrong collapse amid fan backlash over the sale of a homegrown academy player, and follows Forest's sale of Elliot Anderson to Manchester City earlier in the window, which left them still searching for fresh options in central midfield.
Nyoni's importance to Andoni Iraola's plans was underlined by comments the head coach made in his pre-season press conference, when asked directly about the teenager's role following Curtis Jones's £30m move to Inter Milan.
"I'm very happy with Trey. Very, very happy," Iraola said. "He has been very good in pre-season, not only in the games, even when he trains with us he's facing top-level players and he's at the level.
"I have no doubts with Trey. He will be very valuable this season for us, hopefully plays a lot and gives the level that I'm seeing every day in training."
Those comments explain why Liverpool chose not to bring in a direct replacement for Jones over the summer, banking instead on Nyoni's development to fill the gap in midfield. The teenager did little to dampen that faith with a composed cameo off the bench in Saturday's 2-2 draw with Forest at Anfield, controlling possession in tight areas despite the step up in physicality.
Born Treymaurice Nyoni in Reading to Zimbabwean parents, the midfielder progressed through Leicester City's academy — where he was a regular for their under-18 side from the age of 15 — before a switch to Liverpool in September 2023, a move that went to tribunal after the two clubs could not agree a fee.
He has represented England at every youth level from under-16 to under-20, and has made 21 senior appearances for Liverpool since arriving on Merseyside, including his first-team debut in the FA Cup in February 2024, when he became the youngest player ever to feature in the competition for the club.
Nyoni signed a new long-term contract with the club last summer, and further extension talks are expected in light of his rapid progress over the past year. Liverpool are also understood to be at their limit of non-homegrown players under Premier League squad registration rules, adding further weight to their determination to develop academy talent such as Nyoni rather than sell.
For now, Forest's pursuit has been firmly rebuffed, leaving Oliver Glasner's side to look elsewhere for midfield reinforcements before the window shuts.