Milner is not first choice for Liverpool, and hasn't been for two years. He's a sturdy back-up and utility player. Great to have in the squad, but Liverpool would have achieved just as much without him.
Back on topic, if we can reach a compromise between our 40mil valuation of Varane and Madrid's 60mil, I say do it. At the end of the day he's significantly better than what we've got, and the last two days have shown how defensively poor we are without Maguire. The only real downside is given the financial climate, if the cost takes money away from other signings we need.