The Reds have, it is believed, already wrapped up their summer business in terms of incomings, with the focus now on loans and sales between now and September 1.
Sadio Mane and Takumi Minamino have already joined the likes of Divock Origi and Loris Karius through the exit, while Conor Bradley, Billy Koumetio, Jakub Ojrzynski and Adam Lewis have all left on loan.
It is unlikely to be over for Liverpool, either, with Williams one of the squad players considered up for sale.
According to The Athletic, corroborating less reliable sources on Wednesday, Liverpool have rejected that initial offer for their No. 76.
Forest are said to have presented a package worth an initial £11 million, with a further £4 million in add-ons, which would reach the Reds’ previously reported valuation for the 21-year-old.
But with this turned down, it is clear that the club are seeking either a guaranteed £15 million or even higher than that.
This has not deterred Forest, with The Athletic reporting that the newly promoted side will “make a second move” after “identifying Williams as a natural fit.”
“It has become clear that Fulham’s manager, Marco Silva, seems happy to keep out of it,” it is explained, and despite the Wales international impressing on loan at Craven Cottage last season, “Forest are the only serious bidders so far.”
That could feasibly put Forest in a strong position, but it is clear that Liverpool hold the upper hand – perhaps due to their willingness to retain Williams if a suitable offer is not received.
With Wales having qualified for the World Cup later this year, Williams would benefit from playing regular first-team football having established himself as a key player for his country.
In all likelihood that will be with Forest, and there is a strong chance now that Liverpool will land a sizeable fee for a player who came through the academy from under-9s level.