Both reputable Premier League clubs have previously been linked with Cuadrado, but reports in Spain cited by The Daily Star suggest that Barcelona - who are now under the management of Luis Enrique following the departure of Gerard 'Tata' Martino at the end of an ultimately disappointing 2013/14 campaign - are set to move for the £20 million-rated Colombian international as they presumably look to attempt to revitalise an ageing squad.
In contrast to Barcelona, Cuadrado enjoyed a strong domestic season, rightfully earning his place in his country's squad for this summer's World Cup after helping Fiorentina to secure a fourth-placed finish in Serie A.
In 32 domestic appearances for La Viola under Vincenzo Montella, Cuadrado - who Fiorentina co-own along with fellow Italian outfit Udinese - notched 11 goals, a respectable return for a player who is chiefly deployed out on the wing.
With Cuadrado now having cemented a lofty reputation in European football, it will be intriguing to see if either Arsenal or Liverpool are able to triumph over Barcelona in the event that Enrique does decide to formalise his interest.
While it is true that both of those aforementioned sides are widely expected to focus their immediate transfer attentions elsewhere - Arsene Wenger needs to provide support for strike Olivier Giroud while Brendan Rodgers requires the addition of several new defensive recruits - Cuadrado would be a superb statement of intent for any title contender ahead of the next English top-flight season.