Liverpool will only be able to complete the signing of Bayern Munich full-back Diego Contento if the German outfit retain the services of Luis Gustavo.

Brazilian international midfielder Gustavo is apparently the subject of a £14m bid from Arsenal, and has also been linked with Wolfsburg, Chelsea and Napoli.

Reds boss Brendan Rodgers is seeking competition for Jose Enrique on the left side of his defence, and has been credited with an interest in Contento, but Bayern chief executive Karl-Heinz Rummenigge has insisted that only one of him and Gustavo will be leaving the Bundesliga champions this summer.

Rummenigge is quoted in Bild as saying: "We will only let one player leave."

It is understood that Contento, a German youth international with 39 first-team appearances for Munich, will cost Liverpool around £1.75m, if Bayern permit the transfer.