Liverpool have pledged to meet Juan Iturbe's €14m price tag in order to prise him away from FC Porto, The Sun report.
The 20 year old is currently on loan at Verona where he has scored twice in five Serie A starts in the wins over Livorno and Bologna, further enhancing his burgeoning reputation.
Verona have made an impressive start to the campaign, winning seven of their first 11 league games and are already above giants Lazio and AC Milan in the Serie A table.
However, Andrea Mandorlini's side are unlikely to be able to finance a deal for Iturbe at the end of the season, leaving him vulnerable to leaving the club for pastures new.
Iturbe has made a limited impact for Porto since moving to the club in 2010, albeit as a peripheral in the first team, and spent last term on loan at River Plate.
Liverpool have been mentioned with a strong interest in the Argentine-born youngster, who has already been compared to Barcelona forward Lionel Messi.
Despite being capped by Paraguay in 2009, Iturbe is committed to playing international football for Argentina having trained with the full squad at the 2010 World Cup and represented the side at the 2011 Under-20 South American championship.
The success of a number of South American based players at Liverpool, including Luis Suarez, Philippe Coutinho and Lucas Leiva could convince Iturbe to swap Porto for the Premier League.
But having made regular appearances for Verona this season, with some success, Iturbe will need to be convinced that Brendan Rodgers' Liverpool will provide similar opportunities.
Suarez, Daniel Sturridge and Iago Aspas are already the first-choice in the Liverpool attack and Iturbe would be expected to struggle to break into the team should he move to Anfield next summer.
Verona's only hope of being able to afford Iturbe on a permanent deal would be to go into duel-ownership with another Italian club, with Inter Milan mentioned as a potential candidate.
Such a move would expose Verona to potentially losing Iturbe to a cut price to any side who they agreed a deal with, as they would not own the player outright.