According to Sky Sports News HQ's Kaveh Solhekol, the Reds want £32 million for the Belgian—just £500,000 short of the figure they paid Aston Villa for him last summer—and were unhappy with the structure of the deal Palace put on the table:
Benteke, 25, is something of a fringe player at Liverpool under manager Jurgen Klopp, with Daniel Sturridge, Divock Origi, Danny Ings and Roberto Firmino all ahead of him in the pecking order.
Klopp recently confirmed that, while Ings is set to play a key role in the coming season, Benteke and Mario Balotelli are set for the exit door, per James Pearce in the Liverpool Echo.
The German manager previously hinted, though, that Benteke will not be let go cheaply, per Pearce:
And Liverpool seem to be adamant on making their money back for the Belgium international.
The former Genk forward is a proven goalscorer in the Premier League—he netted 42 times in 89 games in three seasons at Villa—and his poor return of nine goals in 29 appearances last term for Liverpool was largely a result of him not fitting in Klopp's system, per WhoScored.com.
Clearly Liverpool are not prepared to be low-balled by a club they know have the money to meet their valuation of Benteke.
The Eagles are also in desperate need of a top-quality striker, having netted just 39 goals in the Premier League in 2015-16, the second-lowest return in the division.
Per Pearce, the chances of Palace ever having to shell out the £7 million in add-ons they offered were incredibly low, hence Liverpool's quick decision to reject the bid:
It still looks likely that Benteke will become a Palace player before the transfer window is closed—he does not look to have a future at Anfield—but the London outfit will need to up their bid considerably if they are to get their man.
The 21-year-old is a huge talent and netted 11 goals and provided two assists in the Eredivisie last season, per WhoScored.
Predominantly a right-winger, he is good in the air, comfortable running with the ball and a genuine goal threat from anywhere in the attacking third.
El Ghazi would be an exciting talent for Klopp to add to his squad, but interest from Lazio and Wolfsburg could prove problematic.