The Reds are said to be keen on luring the Brazilian winger to Anfield after an impressive start to life in England that has seen him register four goals and four assists in 17 matches.
And according to a piece from the Express, the defending champions could look to use some of their lesser-utilised talent to help land the 24-year-old.
The report names five Liverpool players who the could offer in exchange for Raphinha: Divock Origi, Xherdan Shaqiri, Sheyi Ojo, Harry Wilson, and Marko Grujic.
Whether Marcelo Bielsa will be tempted by any of those players remains to be seen, however.
Raphinha has averaged more shots per game than any of them this season, as well as having more successful dribbles per 90 minutes than each of them except Sheyi Ojo, as per Wyscout.
Based on current form, losing the Brazilian for any of the Reds’ outcast quintet.
Elsewhere, reports from the continent could spell good news in terms of the Whites’ pursuit of Rodrigo De Paul.
According to Italian outlet Calcio Mercato, Udinese have set an asking price of around £30 million for the Argentine midfielder – a sum which Juventus are seemingly unwilling or unable to cough up.
That could open the door for Leeds to steal a march on the Serie A giants come the summer transfer window.
The Whites won’t be the only ones chasing the playmaker, however.
According to a report from Todo Fichajes, Liverpool made moves to sound out the player's current situation in January.
But former Elland Road striker Noel Whelan is confident that his old club will be eager to revisit a deal come the end of the season.
He told Football Insider: "Rodrigo De Paul has been mentioned many times, that’s not going to go away, that is still going to rumble, I’m sure it’s still on the cards – once Marcelo Bielsa makes his mind up and pinpoints a player, generally he kind of sticks to that.”
We’ve gathered the rest of today's Premier League gossip below: