Liverpool are said to be set to replace Philippe Coutinho with Monaco's Thomas Lemar, while Emre Can will reportedly not leave the club in January.
Jurgen Klopp's side are willing to sell Coutinho if Barcelona meet their asking price of €150 million.
Meanwhile, Lemar has already talked to the Reds and "decided to join," according to Duncan Castles at Yahoo Sport.
Liverpool missed out on Lemar last summer but could now land him in January, provided they can agree a fee with Monaco.
Jack Sear of Anfield HQ said Lemar would be a good alternative to Coutinho:
Jack Sear @JackSear
Think Lemar would be a good replacement if Coutinho does go. Plays in similar areas. Could play in midfield or on the left if Klopp wanted to use that 4-4-1-1 a bit more. Still young and got plenty of potential to fulfil.2018-1-3 13:12:04
Lemar has not been able to consistently match his performances from last season, which saw him propel Monaco to the league title and into the semi-finals of the UEFA Champions League.
The 22-year-old has just four goals and two assists in Ligue 1, but his season has been disrupted by injury.
Monaco have also had to cope with the departures of key men Kylian Mbappe, Tiemoue Bakayoko, Bernardo Silva and Benjamin Mendy.
Lemar remains a fantastically talented and skilful performer, capable of playing out wide or centrally, and has bags of potential still to realise.
However, sports journalist Mootaz Chehad is not confident Monaco will sell in January:
Mootaz Chehade @MHChehade
As mentioned before, in a chat with Monaco's Vice President last week, he told me Lemar's chances of leaving Monaco during January are very low. Anything can still happen though. https://t.co/HZtt9sgzjF2018-1-3 17:07:35
Signing Lemar in January may prove a difficult and expensive task, but if Liverpool do sell Coutinho, they will certainly have the funds available to spend big.
The midfielder is out of contract in the summer, but the club will not look to sell this winter, despite the fact he could walk away for free when his contract expires.
Can has long been linked with a move to Juve, and the Serie A giants are hoping to sign him this winter, per Jonathan Spencer at MailOnline (h/t Tuttosport).
The German tends to divide opinion among Liverpool fans, but he does deserve praise for his performance in the 2-1 win over Burnley on New Year's Day, per Ben Webb at Anfield HQ:
Ben Webb @BenWebbLFC
The importance of Emre Can’s involvement needs to be acknowledged in today’s turnaround; received the ball and took players on, and his directness/stubbornness is what gave us the free-kick, which won the game. Criticism is okay, but give a player his plaudits, when it’s due.2018-1-1 22:55:53
Liverpool's reluctance to allow Can to leave may have been influenced by Jordan Henderson's latest injury, with the midfielder expected to be out until February, per Dominic King at MailOnline.
That leaves Liverpool short on options and Can needed at Anfield, although whether the Reds can convince him his long-term future is at the club remains to be seen.