With the future of Philippe Coutinho at Liverpool still uncertain as reports continue to link the Brazilian star with an imminent move to Barcelona, the Reds have been linked with a number of replacement options which include Arsenal's Alexis Sanchez and Monaco's Thomas Lemar.
The pair were each mooted for a move last summer, Sanchez was heavily reported with a transfer to Manchester City as his contract with the Gunners is set to expire at the end of the season, whilst Lemar was subject to interest from both Arsenal and Liverpool - with neither club able to sanction a deal for the France international before the deadline.
22-year-old Lemar continues to be discussed as a serious option for Liverpool to pursue should they let Coutinho leave the club, with the Mirror reporting that the Reds have made contact with Monaco to re-start the negotiations which hit a roadblock last summer.
Despite attracting interest from the likes of Manchester United, Chelsea and Arsenal it is understood that Lemar has his heart set on linking up with Liverpool's manager Jurgen Klopp, which comes as a blow to Arsenal's pursuit of the £90m-rated starlet.
Elsewhere, the Reds have been linked as a potential destination for Sanchez who opted to sign for the Gunners in 2014 from Barcelona instead of making the move to Anfield.
With only six months remaining on his contract at the Emirates reports suggest Arsenal are fearful of losing him on a free transfer in the summer and are prepared to sanction a deal this month to recoup a fee.
Spanish rumours outlet Don Balon, via the Liverpool Echo, claim the Reds are set to gazzump Manchester City and make a shock move for 29-year-old Sanchez.