Newcastle are expected to return with an improved offer to take Liverpool's Andy Carroll on a season-long loan with a view to a permanent deal in future.
Liverpool dismissed Newcastle's first offer on Sunday night, but the Anfield club will consider a better deal. 
Newcastle initially only offered to pay part of Carroll's £80,000-a-week wages.
They also wanted to pay £13m if the 23-year-old then signed a permanant deal, although the Reds are understood to want at least £20m. Liverpool's asking price is likely to put Newcastle's determination to bring Carroll back to the club to the test, with owner Mike Ashley unable and unwilling to meet that figure.
The Newcastle hierarchy have retained their admiration for Carroll since he left for Liverpool in 2011.
He had initially resolved to prove himself to new Liverpool boss Brendan Rodgers but is now understood to be keen to return to his hometown club.
Highest British transfer fees
Fernando Torres - £50m Liverpool to Chelsea, Jan 2011Sergio Aguero - £38m Atletico Madrid to Manchester City, July 2011
Andy Carroll - £35m Newcastle Utd to Liverpool, Jan 2011
Robinho - £32.5m Real Madrid to Man City, Sept 2008
Andriy Shevchenko - £30.8m AC Milan to Chelsea, July 2006
Dimitar Berbatov - £30.75m Tottenham to Man Utd, Sept 2008
Rio Ferdinand - £29.1m Leeds United to Manchester United July 2002
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