Reds boss Jurgen Klopp has been eyeing the 18-year-old forward and he remains a top target for the German, who is ready to raid his old club in the New Year as he looks to strengthen his options up front.
Pulisic has shone for BVB this season, making 14 appearances in all competitions so far, scoring twice and claiming an impressive six assists, to underline his talent.
Reports say Klopp is willing to offer around £15million for the youngster in January but Dortmund’s sporting director, Michael Zorc, is adamant he is staying where he is.
Speaking to German newspaper Bild, he said: “It’s not worth the effort for Liverpool.”
Klopp is after frontline reinforcements next month as Sadio Mane will be away in the New Year with Senegal at the African Nations Cup, while Danny Ings is out for the rest of the season and Adam Lallana, Daniel Sturridge and Philippe Coutinho are all also currently sidelined with injuries.
Arsenal will be taking nothing for granted when they welcome AC Milan to the Emirates Stadium for a Europa League last-16 second leg tie on Thursday night.