Liverpool are reportedly prepared to allow either Charlie Adam or Stewart Downing to join Fulham in a deal that would see Clint Dempsey move in the opposite direction.
Dempsey is seemingly set to leave Craven Cottage during the transfer window with only one year left remaining on his current deal, and has been of interest to Liverpool for some time.
Reds manager Brendan Rodgers has previously claimed that the club's chief executive, Ian Ayre, has been in contact with Fulham with regards to Dempsey, and it would now appear Liverpool are making further progress.
According to Goal.com, Liverpool have discussed with Fulham the possibility of a part-exchange deal for the USA international, with Adam and Downing of particular interest to the Cottagers.
Both Adam and Downing only joined Liverpool last summer, and the Reds would be uncomfortable on making such a significant loss on the latter, who cost £20 million from Aston Villa.
A swap deal involving Adam would appear to be a more likely outcome, with the Scotland international's future at Anfield uncertain as Liverpool pursue Joe Allen.