Well, two hours ago Tanswell and Evans (via The Athletic) are saying, this is a quote from their Tweet:
"Harvey Elliott is expected to stay at Aston Villa after failing to find an agreement on a return to Liverpool.
Club sources say there had been no recent discussions on the removal of the 10-game obligation that exists in the deal for Elliott, which indicates that Villa need to pay a permanent fee between £30-35m to sign the 22-year-old permanently.
If Villa wished to end the agreement they would have to pay to a termination fee, while Liverpool did not want to recall Elliott."
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The fact that there is even an option to terminate, for a fee, is news to me, and it must be pretty astronomical for the club to have not even considered it during the window? I'm guessing a bit like the one Chelsea paid to Man Utd 'not' to sign Sancho last summer?