Flanagan has spent majority of the last two seasons on the sidelines.
McGregor had faced defeat at the hands of Diaz at UFC 196.
The Swede could take up Thierry Henry's role with the club's youth side.
The Brazilian is expected to leave Anfield during the summer transfer window.
Liverpool are set to play two pre-season friendlies in under 24 hours against Barcelona and Mainz.
Jack Wilshere is set to return to training next week after recovering from a knee injury.
Hosts Brazil kick off their campaign against Spain on 6 August.
The 17-year-old has been included in the Reds' squad for the Otten Cup.
The men's road race is sure to be a highlight on a jam-packed day four in Brazil.
Andy Murray leads Team Great Britain in the Rio 2016 Olympics opening ceremony.
Network's tape delay and live stream playback pushes viewers into more lucrative pirme-time slot.
'We love sports, but our city needs things like better schools,' says demonstrator.
IBTimes UK presents the best photos of the Rio 2016 Olympic opening ceremony.
IBTimes UK shares the best Instagram posts by Olympic athletes getting ready for Rio 2016.
Maracana Stadium hosts curtain raiser to the 31st Olympiad.
Organisers are trucking in schoolchildren to fill out events after reports of thousands of unsold tickets.
American military units are standing by to mobilise in the event of terrorist action.
The 25-year-old Belgian joined the Reds from Aston Villa last summer.
The 31-year-old skipper produced an impressive innings to erase Pakistan's lead.
Frenchman did not want to be the understudy to Lionel Messi, Luis Suarez and Neymar.
Spaniard set for top-tier experience after captaining Under-21 side during 2015-2016 season.
Guochuan Lai - whose former company Palm is valued at £1.8bn - has bought 88% stake in the Baggies.
Brazilian star had been due to light the iconic Olympic flame in the stadium.
Brazilian midfielder is yet to earn a work permit allowing him to play in the UK.
Jurgen Klopp has confirmed both players are now back in training before busy weekend of friendlies.
The 30-year-old midfielder won 61 caps for England.
The Games will kick off with the opening ceremony at 8pm Rio time on Friday 5 August.
The Argentinian says his compatriot Erik Lamela speaks highly of the Serie A giants.
The 32-year-old star has been forced to train with the club's under-21s since returning from Euro 2016.
The 21-year-old demonstrated his ability with a goal for Japan in their Olympic opener against Nigeria.