The Spain international was the subject of a £17m bid from Spurs earlier this summer. That offer was rejected, although the report claims Tottenham returned with an improved £20m bid last week.
But Liverpool are drawing up a striker shortlist as they prepare for life after Luis Suarez.
The Uruguayan international has indicated he's looking to leave Anfield this summer. Although the club remain keen to convince him to stay, they are preparing a contingency plan in case of his departure.
And the report claims Brendan Rodgers could use the cash windfall from a Suarez transfer to fund a move for Soldado.
The Anfield club believe a £22m bid could be enough to persuade Valencia to part with their star striker, who is expected to hold talks with club president Amadeo Salvo when he gets back from his post-Confederations Cup holiday.
The Spanish forward has a £30m release clause, but Valencia may be forced to sell as they battle financial problems.
Valencia's sporting director Braulio Ortiz said: "We are sounding out the market because it's necessary to have a Plan 'B' in this situation."
Tottenham had identified Soldado as their top target this summer, after missing out on Christian Benteke and David Villa.
The north London club are urgently looking for a forward, but Liverpool are equally keen to add to their squad as both clubs look to mount a push for the Champions League places next season.