Liverpool are in negotiations with Fiorentina to try and sign Peruvian midfielder Juan Manuel Vargas, according to The Sun.
The 27-year-old, who can also operate in defence, is a long-term target for the Premier League outfit, despite an indifferent season with the Serie A struggler's.
Reds boss Kenny Dalglish is a known admirer of Vargas, as he looks to add to his growing contingent of South American stars at Anfield in the summer.
His versatility has attracted attention from a host of clubs across Europe, and Fiorentina recently turned down an £8million offer from Bundesliga giants Bayern Munich.
Liverpool will likely face stiff competition for Vargas' signature, and will hope that the offer of Europa League football next season is enough to convince the winger that his future will be best served on Merseyside.
After another disappointing 1-1 home draw against Aston Villa on Saturday, Dalglish's men find themselves in a lowly eighth place in the Premier League table, a staggering sixteen points off the Champions League places.
But, following their success in the Carling Cup this season, the Reds have secured entry into Europe's second-tier competition for 2012-13.