The young Spaniard has attracted interest from Premier League clubs before after he burst onto the scene with Los Blancos a few years back.
However, Asensio's career has stalled of late in the Spanish capital and he was condemned to the bench for much of the 2018/19 season.
But according to El Desmarque, Liverpool are still keen on the 23-year-old as Jurgen Klopp looks to bolster his attacking options.
Asensio can play out on the left or centrally and would be a great option for the Reds going forward.
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So what would it take to get Real to sell? Oh just £67m and Sadio Mane.
Yes, you did read that correctly.
The Spanish giants are demanding a sizeable fee and the Senegalese superstar, with Zinedine Zidane a known fan of Mane.
It's simply a laughable request from Los Blancos, with Mane establishing himself as one of the top five wingers in the world.
He scored 26 goals in all competitions last season, while Asensio managed just six.
If anything, Zidane should be offering £67m and Asensio to sign Mane.
The reality of the situation is that Liverpool wouldn't consider selling Mane to a direct Champions League rival at any price.
Back in November, he also put pen to paper on a new five-year contract at Anfield, so why on earth would Klopp entertain the notion of selling him?
Transfer silly season is well and truly upon us.News Now - Sport News