Per ESPN FC's Glenn Price, the Spaniard's contract at Anfield expires at the end of the season, and Liverpool have yet to reopen talks on a new deal with the 26-year-old.
Unless he pens new terms with the Merseyside club before the turn of the year, Moreno will be able to open discussions with clubs outside of England from January before potentially leaving for free in the summer.
Price added Moreno would be open to a return to his native Spain, as he left boyhood club Sevilla back in 2014.
He joined Liverpool for £12 million and was initially a key part of the first team, making 60 Premier League appearances in his opening two seasons. However, he began to gain a reputation as something of a defensive liability, and he has been largely sidelined since the emergence of Andrew Robertson.
Moreno has made just one appearance in the Premier League this season and played only eight minutes in the UEFA Champions League. He is a useful back-up for manager Jurgen Klopp, but he's little more than that.
Sevilla would likely be able to offer Moreno much more game time, and Liverpool are unlikely to fight too hard to keep hold of him.