Chelsea were the other English club confirmed to be interested in Bailey, a skilful winger who scored 9 goals in 30 Bundesliga games last season.
Jurgen Klopp has strongly suggested that Liverpool's transfer business is done for the summer, but that hasn't stopped Reds fans getting excited about the prospect of signing one of the Bundesliga's best young talents.
Among the reaction, one supporter claimed that Bailey would be a better signing than Christian Pulisic, the Borussia Dortmund star who was linked to Liverpool after scoring twice against them last month.
Would be much better than Pulisic— Aidan (@ShaqSkill23) August 6, 2018
Another claimed that Bailey would provide strong backup to Liverpool's front three, allowing Xherdan Shaqiri to focus on his preferred role as an attacking midfielder.
We should defo go for him because that means he can be a super sub for one of our front 3 and Shaqiri can solidify his CAM role— Joshua Allen 🇬🇧 (@ksjallen) August 6, 2018
However, others questioned whether Bailey would really be a necessary signing, considering the strength of Liverpool's forward line.
Imagine the scenes if we got him.However would he start?— Niko (@Nik0_w) August 6, 2018
Don’t need him at all— Magic Man (@LukeCozzie) August 6, 2018
Leverkusen signed Bailey in January 2017 from Genk for €20m. It is thought that he would now command a fee of around €50m.
Given Liverpool's wealth of attacking options, a transfer to Chelsea would probably make more sense, particularly with Eden Hazard possibly on his way to Real Madrid in this window or the next.
With just three days left to complete any final transfers, the chances are that Bailey won't be on the move this summer - but watch this space.