Liverpool are reportedly preparing to make a bid of £5m for Leeds United youngster Sam Byram in next month's transfer window.
The 22-year-old can be deployed as a midfielder or full-back and is regarded as one of the brightest English prospects in the Championship.
"Sam Byram is the only one that maybe thinks Leeds is too small for him," the Italian said at the time. "He maybe thinks he deserves to be in a bigger team and a bigger club, and maybe he's right. But when I hear that a player from Leeds, with his agent, that he thinks that Leeds is not big enough for him, that he wants something bigger, I felt really embarrassed."
According to The Sun, although Cellino is hoping for a bigger fee for Leeds's second longest-serving senior player, he will accept the Reds' offer of £5m in January to avoid losing him on a free in the summer.
United currently sit 13th in the Championship, eight points off the top six.