But the Reds would likely have to pay a significant fee that would be the second largest in the club's history.
Since arriving at Elland Road from Rennes in the summer of 2020, he's plundered an impressive 11 goals and nine assists in 41 appearances.
Raphinha has also been capped five times for Brazil this year, netting a double in a 4-1 win over Uruguay.
What's been said
Speaking on Rio Ferdinand's Youtube channel, Fabrizio Romano revealed that Raphinha was someone who Liverpool had on their radar during last summer’s transfer window.
Yet Leeds’ asking price was more than £60 million and that put the Reds off.
With the 24-year-old tied down by the Yorkshire outfit until 2024, it's likely that Marco Bielsa's side would demand a similar price tag.
Liverpool have only splashed out more for Virgil van Dijk in 2018 for £75 million.
Romano, who's one of the world's leading transfer-related reporters, said: “I would keep an eye on the situation of Liverpool. They wanted him last summer. He was one of their targets.
“They wanted to sign a winger but it was impossible to sign him because Leeds wanted to keep him and the price was too high, it was more than £60 million.
“I think the player is very special, so if Liverpool want to decide to go big for a winger in the summer, he could be one of the names.
“The boy wants to be at a top, top level. It’s going to be an open race - but Liverpool are keeping an eye on this boy for a long time.”
Where would Raphinha fit in at Liverpool?
The forward told of his ambitions to play in the Champions League earlier this season and will be in high demand.
He's capable of playing on either wing and would provide cover for Mo Salah and Sadio Mane.
It's been widely agreed that Jurgen Klopp has lacked quality competition for the pair at Anfield.
What's more, both are out of contract in the summer of 2023 and have yet to sign new deals.