The report added the Reds' best option in the circumstances could be to get someone from Juve in exchange for Can, and 22-year-old Pjaca is possibly available.
The Croatia international joined Juventus from Dinamo Zagreb for €23 million (£20.4 million) in July 2016.
He made 14 appearances in Serie A in 2016-17—11 of them from the bench—before sustaining a knee injury that has kept him sidelined since March.
Pjaca would be an exciting and useful addition to Jurgen Klopp's squad as he is a dangerous winger who can also play as a central striker, so he could provide excellent cover for the Reds' forward stars.
Per SportMediaset (via Football Italia), Liverpool were linked to him in the past before he joined Juventus.
Given there is little Liverpool can do about Can leaving if he is not prepared to sign a new deal at Anfield, it would be a positive to get Pjaca in return.
It would still be necessary for Liverpool to make additions to the engine room as Pjaca wouldn't act as a replacement for Can, but at least the German would not have left for nothing.
However, talk of Pjaca moving to Merseyside could all be academic.
It does not seem likely Juventus will look to sweeten the pot with an exciting young player when it does not seem necessary for them to do so.
In only a matter of days, Juventus will be able to negotiate with Can, 23, and guarantee he will join them for free in the summer when his contract expires.
The Old Lady are not in such desperate need of additional strength in the midfield that they will be tempted to sign Can in January, so the prospect of Pjaca moving the other way does not seem likely.