The cheeky north London club have reportedly matched Luis Suárez's release clause and increased the bid by one whole pound.
The offer was quickly rebuffed by Liverpool with the owner John W Henry taking to twitter and letting his feelings of the bid be known to his followers.
What do you think they're smoking over there at Emirates?— John W. Henry (@John_W_Henry) July 24, 2013
John W Henry could visit any of the various pound shops up and down the country and take his pick from a variety of goods, which include everything from toothpaste to DVD's.
If and when Liverpool accept Arsenal's offer for Luis Suárez of £40,000,001, we have scoured the High Streets to see what they could buy with the extra £1.