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Liverpool have indicated that they will not be held to ransom by Espanyol for Albert Riera, the Spain winger, in their desire to avoid the ignominy of another protracted transfer saga.

Espanyol reacted to news of Liverpool’s renewed interest in Riera by emphasising that the player has a £16 million release clause in his contract, but with the wounds fresh from his failed pursuit of Gareth Barry, the Aston Villa midfield player, Rafael BenÍtez, the manager, will walk away if the Spanish club do not lower their price.

Liverpool are unwilling to pay more than £10 million for Riera, who spent four months on loan at Manchester City in 2006, and may turn their attention to Stewart Downing, the Middlesbrough and England winger, who signed a new five-year contract at the Riverside in February. Riera, 26, is thought to be BenÍtez’s first choice, however, and he will hope to use his relationship with Paco Herrera, Espanyol’s sporting director and a former scout at Anfield, to agree a deal.

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With BenÍtez still hoping to offload Xabi Alonso, who continues to interest Arsenal, albeit not at Liverpool’s £16 million-plus valuation, Jermaine Pennant, Andriy Voronin and Steve Finnan and with uncertainty surrounding the future of Álvaro Arbeloa, the manager may be in the market for at least one more player. He is thought to have monitored Rafinha, the Schalke 04 and Brazil right back.

Arsenal have completed the signing of Mikaël Silvestre from Manchester United for an undisclosed fee. The 31-year-old France defender, who joined United nine years ago from Inter Milan, has agreed a two-year contract with the North London club.

Silvestre said: “I’m really excited about this next stage of my career, hopefully playing my part in helping the club to new successes.” Arsène Wenger, the manager, said: “We have a strong squad but a young squad and Mikaël’s versatility, experience and calibre will provide the extra depth we need to reinforce our challenge for honours.”

Zenit St Petersburg appear to have closed the door on Tottenham Hotspur’s hopes of signing Andrei Arshavin after refusing to countenance the £20 million-rated Russia playmaker’s sale as they have limited time to find a replacement.

Decent bets

Chelsea have told Andriy Shevchenko that he can return to AC Milan on loan if the Italian club are willing to pay his £130,000-a-week wages.

Milan have appeared keen on taking Shevchenko back to the San Siro after his ill-fated move to London two years ago, but the cost has proved prohibitive. Chelsea are adamant that they will not subsidise his wages. Shevchenko would not be replaced, although Chelsea still hope to sign Robinho from Real Madrid. The Spanish champions have rejected a bid of £19.2 million, with Chelsea unwilling to meet their £32 million valuation.

Blackburn Rovers are optimistic about landing Vincenzo Grella, the Torino and Australia midfield player, by the weekend. Grella, 28, has also interested Fulham and is likely to cost in the region of £4 million.

Hull City have bid £1.5 million for Stefan Maierhofer, the 6ft 8in Rapid Vienna striker. Bolton Wanderers want to sign Jimmy Bullard, of Fulham, and Everton could complete the signings of Tiago and Stéphane Mbia, the Juventus and Rennes midfield players, this week.

Dead certs

Djibril Cissé, the former Liverpool striker, has rejected Manchester City in favour of joining Sunderland on a season-long loan from Marseilles.

Stoke City are to sign Haminu Dramani, the Ghana winger, on a season-long loan from Lokomotiv Moscow.

Long shot

Newcastle United face a struggle to persuade Javier Saviola, the Argentina forward, to leave Real Madrid. Kevin Keegan was hoping to sign the 26-year-old on a season-long loan. “At the present time I’m with Real Madrid and my future is here,” Saviola said.