Chelsea midfielder Yossi Benayoun could return to Liverpool in a move that would see Portuguese midfielder Raul Meireles move the other way.
The Anfield club have reportedly rejected a Chelsea offer of £8m plus Benayoun for the 28-year-old.
Benayoun, 31, confirmed earlier on Monday that he was set to leave Stamford Bridge.
French champions Lille are reportedly interested in the Israel Captain and Arsenal have also made an enquiry.