Al-Ittihad are said to have made a £215 million approach for Liverpool forward Mohamed Salah.
For several weeks, the Egyptian, who is under contract until June 2025, has been linked with a move to the Saudi Pro League.
Last week, Al-Ittihad increased their interest by submitting a £150 million bid on the final day of the English transfer market.
While Liverpool declined the approach, they have been braced for a better offer, with the Saudi transfer window open until Thursday.
Al-Ittihad representatives came to London over the weekend to make one more try to sign Salah this summer.
The Saudi Arabian club has returned with a world-record proposal worth up to £215 million with add-ons, according to The Sun.
According to the report, Al-Ittihad has offered Salah a £2.45 million a week contract to clinch his move to the Saudi Pro League.
The contract proposal from Al-Ittihad includes additional incentives such as a substantial percentage of shirt sales and a £55,000 win bonus.
Salah has reportedly been offered ambassadorial jobs for at least three major Saudi firms, each of which is willing to pay him £6 million.
While Al-Ittihad appear to be waiting for a reaction to their latest offer, they will reportedly revive their interest in the 31-year-old in January if he is not signed before Thursday's deadline.
Jurgen Klopp, the Reds' manager, has played down talk over Salah's possible departure, but has admitted that the attacker could transfer to Saudi Arabia next summer.
Liverpool midfielder Dominik Szoboszlai recently stated that his teammate has stated his desire to remain at Anfield.
Both Salah and Szoboszlai scored on Sunday to help Liverpool beat Aston Villa 3-0, maintaining the Reds' unblemished start to the season.
Salah has made 309 appearances for Liverpool in all competitions since joining in 2017, scoring 188 goals and giving 81 assists.
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