The Liverpool manager insists that any deal would depend on the club finding a replacement and says that the Reds are still trying to sign "one or two more quality players"
Liverpool manager Brendan Rodgers has warned Real Madrid that any late bid for Luis Suarez would be "very difficult" to complete.
The Uruguayan has been vocal in regarding his desire to leave Anfield this summer, with Arsenal unsuccessful with two bids and Arsene Wenger subsequently admitting defeat in his chase of the striker.
However, when asked if he expected a formal approach from Madrid before the close of the window, Rodgers insisted there was little time left for a deal to be done.
"I'm sure there will be plenty of activity in these last number of days," the Reds boss told reporters. "It is what it is and we will deal with it like we have during the summer.
"It's very difficult at this time [to accept a bid for Suarez]. We are trying to get one or two more quality players in through the door. If we lose Luis at this stage it would be difficult to replace him.
"There might have been a point a few months ago where there was time to do it but, with 11 days to go, it would be difficult to replace him."
One player who Liverpool were keen to sign was Brazilian attacker Willian, only for Tottenham to pull ahead with a late bid - who, in turn, are now at risk of being usurped by Chelsea.
Rodgers has commended the club's owners and their determination to improve the squad but rued missing out on the Anzhi Makhachkala man.
"We identify the targets and then try and get the deal done financially. That's how it was," he added. "The club pushed as hard as they felt they could financially but it wasn't to be. It's the owners' money and they will always have the final say because it's they who run the club.
"What they have taken on here is a huge job. You have seen over the last few years they will finance a project we are trying to develop and what we have to make sure of is we get the right players and the value and worth of the player is right. It's disappointing because this was a player who would have been perfect for us.
"It wasn't a football reason [why the deal collapsed] and I don't really want to go into it. That's for us as a club really. The bottom line is he hasn't come here for whatever reason and we move on."
Rodgers recognises that, with their rivals for Champions League qualification strengthening, it makes their hopes of a top-four place even harder - but is keen to bolster his squad if Liverpool are going to compete.
He continued: "Tottenham could spend up to £90-odd million and they are outside the Champions League. For us it is a huge, huge challenge, there's no doubt about that.
"But I don't want to be defeatist. We can't accept that. There's no doubt quality will cost you money. We just have to try to ensure we can get quality through the door and that will give us a chance for fourth. But make no mistake about it, it's a big ask and a big challenge."