Burnley have argued that Liverpool signing striker Danny Ings and then loaning him back to the Clarets would be in breach of Premier League rules.
The Reds have emerged as the latest club to show interest in the England Under-21 striker, who is out of contract at the end of the season.
But Burnley say the proposed deal, which was not confirmed or denied by Liverpool, would flout the rules.
Both Burnley manager Sean Dyche and Ings have repeatedly insisted the 22-year-old will not leave Turf Moor this season, despite the potential for the club to garner a higher fee than the compensation they would be entitled to were he to leave in the summer.
Burnley chief executive Lee Hoos said: "Over the course of the window, the player himself, Sean Dyche and the chairman have made it clear he won't be going anywhere and we consider that the end of the matter."
Ings has made an impressive start to life in the Premier League, scoring seven goals this season.
As well as Liverpool, Tottenham are reported to be tracking the former Bournemouth striker while Real Sociedad manager David Moyes has watched the forward.
Should Ings allow his contract to run out, it would spark a bidding war between clubs in relation to his wages.
Liverpool manager Brendan Rodgers does not expect many, if any, departures from his first-team squad before Monday but he will allow 17-year-old Sheyi Ojo to go out on loan.
After Jordon Ibe's success at Derby in the first half of the season, Ojo - yet to make his senior debut but on the bench for recent matches against Burnley and Leicester - is set for a temporary move to Sky Bet Championship strugglers Wigan.