Latest on "huge fee" Liverpool are preparing to send to complete exciting signing
Last week, the Daily Mail reported on Liverpool's pursuit of the teenager but journalist Neil Jones believes the fee is too high.
In our coverage of the story, we noted that it would be odd for Liverpool to end its pursuit of Romeo Lavia due to price concerns only to spend the same amount signing a player two years his junior without any Premier League experience.
Now, talking to the Redmen TV, Jones has discussed the £40 million to £50 million Leeds are demanding for the 17-year-old.
"£40 million is huge," Jones said.
"We were speaking just before we came on, Leeds have only sold two players, I think, in the history, for that price.
"And they were Kalvin Phillips, who's an England international and 26/27 and Raphinha, who's a Brazilian international who went to Barcelona.
"So the idea that £40 million, for you know however talented a young lad is, and we're talking about Stefan Bajcetic.
"At 19 still and still having lots to prove and we're talking about Harvey Elliott at 20 with nearly 100 games under his belt still having a bit to prove.
"Archie Gray has an awful lot to prove and you know, I think £40 million seems like a huge fee. I think there's a contract negotiation going on there with Leeds."
Gray is obviously a talented player and the more young talent Liverpool have the better but it wouldn't make sense to sign Gray at that price point.
Former Leeds defender Aidy White says the midfielder will keep his feet on the ground no matter what happens.
“He has got sensible people around him who have had amazing careers – his family and Dad,” White told BBC Radio Leeds. “I spoke to his Dad. He plays everything down like he has got to improve, he will keep his head on his shoulders.
“With all these links cropping up, no doubt about it he will have his family around him and they will keep him grounded. Hopefully, for now, the right call is to stay here, play football and learn your trade here.”