Benfica still need to sell players but will not part with Eduardo Salvio after the winger suffered a serious knee injury.
Salvio ruptured the cruicate ligament in his right knee as Primeira Liga champions Benfica ended the league season on Saturday with a 4-1 win over Maritimo, who they will face again in the Taca da Liga on Friday.
Liverpool had been reportedly set to sign Salvio, who has 13 goals for the Lisbon club this campaign.
The club's financial officer, Domingos Soares Oliveira, said: "Salvio, with the injury that he has at the moment is not a player that may be transferred. It is not expected, nor will it happen during the summer."
However, Oliveira added: "We haven't finished the season and it is early to announce operations. In the model we have today, yes, it is always necessary to sell players.
"This was the decade of greater investment by Benfica, but from now on we will have a different model.
"Today we have a formation that allows us to invest in our young players, promote them to the first team and therefore invest less in assets. From now on, there will be a clear reduction in investments."
