In what has become a yearly ritual for the Merseyside club in doing business with the Saints, they have identified the 24-year-old Senegalese winger as a player they would like as part of their squad.
The concern looming over the transfer saga, however, is whether Mane is value for money, or whether it is another purchase without any real thought from Liverpool?
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The question posed is nothing against Mane, who has clear talent. He's reached double figures in terms of league goal in his first two seasons in English football. However, the price that the club has been quoted for his signature seems to be excessive for his overall output.
Signing the right player can be something of an exact science, and it has become clear over the past season that some do it better than others.
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Clubs like West Ham United and Leicester City have shown with proper scouting there are diamonds in the rough to be found, like Dimitri Payet and N'Golo Kante.
There was a time in the not too distant past that when you paid £30million for a player, you were guaranteed someone who is world class. Over the years, the selling clubs have become more savvy, making sure they don't get ripped off in the negotiating table, and therefore, players' values have significantly risen.
No-one knows that fact as well as Liverpool, who have come out the worse for wear since the turn of this decade in terms of paying over the odds for players.
Two of the more notable mistakes made over the past six years were the purchases of Andy Carroll and Christian Benteke.
Both players exceeded the £30m figure, but both produced very little on the field. In Carroll's case, it was the unfortunate situation of having the full backing of the manager who bought him (Kenny Dalglish), and then being deemed surplus to requirements little more than a season later by the new manager in charge (Brendan Rodgers).
In the case of Benteke, whether it was the purchase of the transfer committee or Rodgers himself, at the end of the day, it has been another highly expensive error by the club.
It was evident from an early stage that he did not fit the way the team played, and was overlooked for youngster Divock Origi at critical moments of the season.
All the recent transfer speculation suggests the club is ready to cut their losses on the Belgian after one season.
Is that really good enough though? From the outside, it is a colossal waste of money and the decision makers have failed on a number of occasions to choose the right player.
Without the revenue of European football this season, every signing the club make should be done with a great deal of thought from now on. Surely the club would have been better served in signing two players for the cost of Mane as the right player is out there if you look hard enough.
Knowing that Liverpool have spent big sums of money in the last couple of seasons, their rivals undoubtedly raise the price when they know that the Merseyside club is looking at one of their players.
When Mane does sign, he will become just the third player from Senegal to play for the club following the much maligned duo of Salif Diao and El Hadji Diouf in 2002. In all honesty he won't have a lot to to beat the impact of those two players.
However, he will have the burden of coming with a hefty price tag. There will be no time for a bedding in period, the fans will want to see immediate impact. It will be up for Mane to produce on a regular basis.
Liverpool officials will be nervously watching on, hoping this time around that the right decision was made.
Should Liverpool sign Sadio Mane? Let us know YOUR thoughts in the comment section below!
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