A British national newspaper is offering Stg£100,000 to catch the BMX gunman who killed Rhys Jones.
The Sunhas put up the reward in the hope that it will result in a vital new lead over the death of the 11-year-old, who was gunned down in the Croxteth area of Liverpool on Wednesday evening.
A 16-year-old boy, who was arrested earlier today, is being questioned on suspicion of murder.
Rhys's parents today laid flowers at the scene of the shooting.
Melanie Jones, 41, wept as she read tributes to her "baby". Clutching a small teddy bear, she and her husband, Stephen, 44, spent several minutes looking at the flowers.
Rhys was shot in the neck as he played football with friends outside the Fir Tree pub in Croxteth at around 7.30pm. Residents said shots were fired by a teenager who rode past the pub on a BMX bike. Mrs Jones cradled her son in her arms in his dying moments as they waited for paramedics.
A 14-year-old and an 18-year-old were released on bail yesterday.
The newspaper's reward is for anyone supplying new information directly leading to the arrest and conviction of whoever was responsible for the murder. Money will be paid at the discretion of the Editor.
Police confirmed that an abandoned bicycle had been found in Liverpool, in an area with a different postcode from the shooting, which was being examined. Officers also confirmed descriptions of the killer's firearm, a black handgun with a long barrel.
Speaking after the latest arrest was made public, a police source said: "Rhys was not involved in any form of gang.
"We are categorising this as a Category A-plus homicide, the most serious investigation to take on.
"We have made some arrests but this could be a protracted investigation. Another arrest was made today but further inquiries are ongoing and further arrests possible...
"The murder weapon is described variously by witnesses as a black handgun with a long barrel.
"We don't know what the motive was.
"We are looking into the background of the football match but keeping a completely open mind."
A minute's silence will be held for Rhys before Everton Football Club's game against Blackburn Rovers tomorrow and players from both teams will wear black armbands. The youngster was a massive Everton supporter and is seen proudly wearing the team's kit in three pictures released by his family.
Everton boss David Moyes and club captain Phil Neville joined the appeal for information. Moyes said: "It is something we are all bitterly saddened about, we feel so much for the family, and this needs to be sorted out quickly."
Neville added: "Everyone at Everton, and the players especially, send our condolences to the Jones family after the tragic death of their son, Rhys. "We all here at the club have families of our own, and we cannot comprehend what you are going through."
PA