Here's a closer look at the latest rumours, starting with the mooted interest in Reus.
Liverpool Declared Favourites in Reus Race
Oddsmaker Sky Bet are prepared to name Liverpool as the favourites to sign talented German attacker Reus:
This is likely in response to recent reports suggesting Bayern Munich will not make an immediate move for the player, per Daily Express writer Charles Perrin. The absence of interest from the club that usually hoovers up the best the Bundesliga has to offer provides Liverpool with a great opportunity.
The Merseyside club has a definite advantage over bitter rivals Manchester United due to their involvement in this season's UEFA Champions League. There's also no doubt Reus would improve an already potent attack.
His pace and movement are ideal for the way manager Brendan Rodgers' team crafts and takes chances. Signing the 25-year-old would be a great response to losing a player of the calibre of Luis Suarez.
Bony Identified as the Striker Liverpool Need
Of course, Liverpool's strike force still needs a boost following the sale of maverick star Luis Suarez to FC Barcelona. According to former player Jan Molby, the club's new striker has to be Bony, per Daily Star reporter Carl Eldridge:
Liverpool will look at other targets and Bony would be a good option.
I know Swansea are making noises about cashing in on Bony and I think he would be a very good buy with his physical and technical attributes.
And scoring 25 goals in a struggling team is not to be sniffed at, not in your ﬁrst season at this level.
Molby's endorsement rings true for a player who combines tremendous physical power with deceptive quickness and underrated technique. Bony is a natural focal point for a forward line as a striker who can score and create chances for others.
He would be a great foil for pacy runners such as Raheem Sterling and Daniel Sturridge.
However, it's wise to be wary about any player who wants to quit his current club after just one season. Bony did thrive for a team in transition, but a single year in the Premier League may not be enough to justify a bid of £20 million or more.
Manquillo Medical Set for Monday
Liverpool's proposed deal for Manquillo is close to completion, according to Liverpool Echo reporter James Pearce:
Javier Manquillo will fly to Merseyside to undergo a medical on Monday ahead of completing his move to Liverpool FC from Atletico Madrid.
The 20-year-old right-back will join on a two-year loan but the Reds do have the option to make the move permanent next summer for around £5million.
Under the terms of the deal, the eventual fee will be determined by the number of appearances Manquillo makes.
As a young and versatile defender, Manquillo makes a lot of sense for Liverpool. Rodgers' squad needs additional numbers and talent at the back after faltering during the latter stages of last season.
Rodgers recently bemoaned his defence during an interview with Sky Sports News. Every area of the defence is suspect.
Problems at full-back are due to inadequate options. Martin Kelly, Jon Flanagan and Glen Johnson don't exactly inspire confidence.
Veteran England international Johnson has recently been linked with a move away, per NBC Sports reporter David Zoller:
Manquillo can play on either side and offers good energy and comfort in possession. He's a nice fit for a team that likes to press high in every area and quickly break forward from the back.
The pattern for Liverpool's ongoing transfer rumours is set. The club still needs defensive help, along with a marquee replacement for Suarez.
The former consideration should be easy to satisfy, but finding a successor to Suarez won't be anywhere near as simple.