The Anfield club is still aiming to sign a striker this summer following the departure of Luis Suarez, but Arsene Wenger is keen to keep the Costa Rican at least until January.
Arsenal has rejected a Liverpool approach for Joel Campbell this summer, Goal UK reports.
The Merseysiders are among a cluster of clubs that have inquired about taking the Costa Rica international on a season-long loan. However, Arsene Wenger has rebuffed all offers and wants to hold on to the 22-year-old at least until January.
Campbell will be integrated into the Arsenal senior squad for the first time since joining the club in 2011, following loan spells at Lorient, Real Betis and Olympiakos. He will join Olivier Giroud, Yaya Sanogo and new signing Alexis Sanchez in battling for the central striker's role.
Speaking at his Friday press briefing ahead of Saturday's Premier League curtain-raiser against Crystal Palace, Wenger said Campbell had "matured a lot" and figured in his plans for the forthcoming campaign.
"He has come from a non-competitive world to a world with hyper-competition," he said. "He has adapted slowly, but has adapted very well, he has a very good spirit and attitude.
"He is a member of my squad at the moment, he had a good preparation and played well against Benfica. In training he is very focused and eager to do well. I would like to keep him."
The Arsenal boss is expected to review the situation in the winter window depending upon the success of Campbell and his fellow front men during the opening months of the season.
Liverpool is working on signing a striker to provide competition for Daniel Sturridge and Rickie Lambert. The club has held two rounds of talks with Samuel Eto'o this week after pulling the plug on a 10 million euro move for Loic Remy.
EVERTON PLAYERS CONCERNED OVER MCCARTHY UNITED MOVE
There is growing concern within the Everton squad that Manchester United could swoop for midfielder James McCarthy, according to Goal UK.
Senior squad members have reacted with almost dismay that the Republic of Ireland international — who had such an influential campaign for the Toffees last season — has not been tied down to a new deal.
United is enticed by McCarthy and it is understood the Goodison Park chiefs are bracing themselves for an approach from Old Trafford.
McCarthy is understood to be frustrated by the lack of a new contract, which was promised to him shortly after arriving from Wigan.