Brendan Rodgers
Rodgers trying to strengthen the Liverpool squad following the departure of Luis SuarezReuters

Liverpool are reportedly closing on their seventh signing this summer following reports of them successfully reaching an agreement with Atletico Madrid over the transfer of defender Javi Manquillo.

It was earlier reported that Liverpool Chief Executive Ian Ayre had personally flown to Spain to speed up the negotiations and chalk out the finer details of the deal.

Now, according to Sky Sports, the Reds have successfully struck a bargain with the Spanish Champions, and Manquillo will be moving to Anfield on a two-year loan deal, with an option to buy, for around £5 million.

The report further added that the 20-year-old Spaniard will be flying to Anfield on Monday to undergo a medical and complete all the other formalities.

Although the 20-year-old, who has played for Spain at the Under-20 levels, is relatively inexperienced - making only three appearances for Atletico Madrid last season - he is tipped to be a star in the future.

The Merseyside club has already completed the signings of Adam Lallana, Rickie Lambert, Dejan Lovren (all from Southampton), Emre Can (Bayer Leverkusen), Lazar Markovic (Benfica) and Divock Origi (Lille) as they look to improve their chances in the Premier League and other competitions next season.

Meanwhile, Liverpool manager Brendan Rodgers has rubbished all speculations of the Reds lining up a move for AC Milan striker Mario Balotelli.

The former Manchester City striker, who is reportedly keen to make a move out of the San Siro after suffering from numerous cases of racism in Italy, was being tipped to make a return to the Premier League, with many clubs reportedly interested in securing his signature.

Some reports had suggested that Liverpool were lining up a £25million bid for the controversial striker, having sold Luis Suarez to Barcelona this summer.

But Rodgers laughed off at all the suggestions, insists that Liverpool are not interested in Balotelli.

"I was asked the question about Balotelli and spoke about what a talent he is and excellent player he is," the Daily Mirror quoted Rodgers. 

"I can categorically tell you that he will not be at Liverpool. He is a wonderful player, but an AC Milan player. I just gave my opinion of him, but that doesn't mean I will be signing him," he added.