Liverpool have made a £22m ($33m) bid for Real Madrid winger Denis Cheryshev, according to the Sunday People.
The Reds are in the market for a player who can play on the wings to replace Raheem Sterling, who is likely to leave the club in favour of Manchester City in the summer.
The Reds have already rejected a £40m ($62m) bid for the player, but the Mirror reported that the 2013/14 Champions have come back with a renewed £44m ($68m) bid, which should seal the deal.
Cheryshev is currently surplus to requirements at Madrid, having spent the last two years on loan at Sevilla and Villarreal respectively. Manager Rafa Benitez has received the offer for the Russian international and will discuss with the management to sanction a move to Anfield. However, any agreement with Madrid for the player will have to be a straight cash deal, with Madrid unwilling to keep any debt over a transfer.
The winger made 39 appearances for Villarreal last season, scoring seven goals and assisting 10. He will be a good addition to the Liverpool frontline, who have already brought in Roberto Firmino to aid the likes of Daniel Sturridge in that department.
The Reds missed out on qualifying for the Champions League last season to United, after a disastrous start to their Premier League campaign following the departure of Luis Suarez and an injury to Sturridge.
Brendan Rodgers has been extremely active in the current transfer window to prevent a repeat of a similar predicament, completing six deals already and keeping some powder dry for further investment.
Rodgers has strengthened his midfield by bringing in James Milner to replace Steven Gerrard, who made his way to the MLS, while also replacing Glen Johnson with Nathaniel Clyne from Southampton.
Liverpool will ply their trade in the Europa League next season after finishing the season in sixth spot, behind Tottenham Hotspur.