Liverpool are reportedly interested in taking Barcelona forward Cristian Tello as part a deal that could see goalkeeper Pepe Reina move in the opposite direction.
The La Liga Champions have long been linked with move for the Reds first choice shot stopper, who signed from Villarreal in 2005.
The 30 year old began his career with Barcelona, where he made his debut at just 18 years old having graduated through the clubs youth academy.
Liverpool are thought to be reluctant to lose Reina, though they could be persuaded in Tello is thrown into the mix.
The 21 year old, who is thought to have a release clause of £8.5 million, has only started twelve league games this season and is likely to consider his options in the summer.
Meanwhile, the odds of Brendan Rodgers becoming the new Manchester City manager have drifted to 28/1, with Manuel Pellegrini remaining the odds on favourite to take over the FA Cup runners-up.
Former Reds boss Rafael Benitez, who will leave his interim position at Chelsea in the summer, is a 14/1 shot.
Elsewhere, three Liverpool players have been named in Stuart Pearce’s Engalnd U21 squad for next month’s European Championships in Israel.
Jonjo Shelvey and Andre Wisdom are included in the 23 man party, along with captain Jordan Henderson.