Liverpool manager Jurgen Klopp has likened talk of big-money signings to a five-year-old asking for a Ferrari for Christmas, after the Merseyside club pulled out of the race to sign Borussia Dortmund midfielder Jude Bellingham.

Sources told ESPN on Tuesday that Liverpool ended their pursuit for England international Bellingham, instead opting to dedicate funds to a squad overhaul in the summer following a disappointing season which sees Klopp’s side languishing in eighth in the Premier League. Sources told ESPN on Wednesday that Manchester City lead the race to sign the midfielder, while Real Madrid are also interested.

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At a news conference on Friday, Klopp refused to address the media reports that Liverpool ended their interest in signing the 19-year-old, while saying that he doesn’t understand talk over transfers that may not happen.

“There’s nothing to say about it [Bellingham], to be honest,” he told reporters. “If we don’t speak about players we sign or do not sign, why would I talk about these kinds of speculation?”

“It is not about Jude Bellingham, but I never understand why we talk about things we theoretically cannot have. We cannot have six players in a summer, everyone for £100 million. That is clear.

“We are not children. Ask a five-year-old what they want for Christmas and they say a Ferrari, you wouldn’t say that’s a good idea, it’s too expensive and you cannot drive it.

“Whatever we need and want, we try everything to get it but there are moments where we have to accept and step aside.”

Liverpool travel to Leeds United on Monday, the only team to have beaten them at Anfield in the league this season.

Following the Merseyside club’s goalless tie with Chelsea and 2-2 draw with league leaders Arsenal, Klopp said his side is looking to build on the momentum as they prepare for a “big fight” against 16th-placed Leeds at Elland Road.

“We have to build on two games with good moments,” said Klopp, whose side is12 points off the top four. “We have nothing to lose, we have to try new things; everything is on the table. I’m looking forward to the game. Leeds will go with all they have. It will never be an easy game.”

Luis Diaz will likely be available for the game following his recovery from a knee injury.

Information from Reuters contributed to this report.