Having lost out to Real Madrid in the Champions League final, it seems that Liverpool are taking a 'if you can't beat them, buy them' approach in order to improve their squad.
Liverpool have already strengthened their midfield with the signings of Naby Keita and Fabinho this summer and look set to continue to look to the continent to improve their attacking options.
The Reds have a keen eye on 22-year-old Asensio, who has six goals and six assists in his last 31 La Liga appearances, 19 of which were starts. It is also claimed that his teammate Vazquez is also on their radar.
If Liverpool were to pursue both players, particularly Vazquez, it would heavily frustrate new Arsenal boss Unai Emery.
Marca report that Emery 'loves' Vazquez, who scored eight goals and assisted a further 12 in his 48 appearances for Real Madrid last season. Chelsea are also said to be monitoring the 27-year-old.
Real Madrid set to let one of their attackers leave, but looks most likely to be Gareth Bale than Asensio or Vazquez.
Gareth Bale hinted at a potential departure in a post-match interview after the Champions League final, insisting that he needed to be playing regular football during the prime years of his career.