Gareth Barry, who was on the verge of joining Liverpool from Aston Villa last summer, has signed for Manchester City.
Xabi Alonso remains a target for Real Madrid, with the Spaniards ready to use Negredo as bait.
Athletico Bilbao midfielder Javi Martinez has made it clear he wants a move to Merseyside.
Benitez will go head-to-head with Chelsea in a bid to land Stephane Sessegnon from PSG. The Spaniard is also looking to land Adam Johnson
Glen Johnson, Portsmouth's £10m-rated fullback, is back on Rafa Benitez's radar.
Liverpool will face competition from Spurs for the signature of Carlos Tevez should Manchester United fail to agree a permanent deal with the Argentine when his loan deal ends.
Valencia winger David Silva is believed to be Benitez's primary target, though the manager admits he will have to spend wisely after being given just £20 million to spend, on top of whatever he raises from player sales.
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