The 19-year-old is highly thought of on Merseyside - however he is out of contract at the end of the season.
That has opened the door for Premier League rivals to potentially spirit him away from Anfield before he's even made his first-team debut for the club.
Sky Sports report that a host of English clubs are monitoring his situation, while he also has suitors in Holland and France.
Liverpool picked up the Guinea-Bissau-born midfielder from Benfica in 2011, and although he is yet to make a first-team appearance, losing him would be a blow.
Sky Sports add that there is a possibility that he could leave Liverpool on loan.
"Yalany is a talented player, and has a great presence that would be welcome in any dressing room," Lee Payne of Full Contact told Sky Sports.
"He remains contracted to Liverpool for the time being, but in all probability may be moving on soon or in the summer.
"If that is the case, we will be looking for the right club for him, where his style of play as a tough-tackling, vocal, holding midfielder will be best served."
Liverpool will continue their pursuit of a top four finish this weekend when they play hosts to Swansea at Anfield on Sunday.