This is according to ESPN, who have been told by sources that both Liverpool and Chelsea are weighing up a move for the former Barcelona star.
Valdes is available to sign after being frozen out of Manchester United’s first team by Louis van Gaal, but whether the Dutch coach would agree to sell the 33-year-old to a direct rival is unclear.
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Liverpool were interested in signing Valdes after the Spain international left Barcelona in the summer of 2014.
However, the Reds’ interest subsided after Valdes began training with Manchester United in order to complete his rehabilitation process following a serious knee injury, before signing an 18-month contract with the Premier League giants earlier this year.
Valdes would be a risky signing
ESPN have been told that Liverpool still have doubts over Simon Mignolet and are subsequently considering their goalkeeping options.
But Valdes has played such little football over the past 18 months that signing him would be a gamble, despite his ability and experience.
Valdes has not trained with Manchester United’s first-team stars since the end of last season, following his high-profile bust-up with Van Gaal, but has been keeping himself in shape with the club’s Under-21 players.
He was expected to complete a move to Besiktas towards the end of the summer transfer window, but the move broke down after the Turkish club reportedly changed terms in his contract at the last minute.
The chance to resurrect his career at Anfield is likely to appeal to Valdes, but it must be noted that no player has moved directly between Manchester United and Liverpool since Phil Chisnall in 1964.
Liverpool fans: would Victor Valdes be a good signing? Have your say by leaving a comment in the box below!
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