Liverpool remain in talks with Brighton over a potential deal for Moises Caicedo should a move to Chelsea not materialise.
The clubs have discussed the financial terms and payment structure of a transfer as the Merseysiders consider sanctioning the highest spend - by a stretch - in their history.
Brighton value Caicedo in the region of £100m.
Liverpool's late entry into negotiations was prompted by Chelsea's failure to agree a fee after months of pursuing the midfielder. Their third offer of £80m was instantly rejected by Brighton in July.
However, the expectation at Anfield is that Caicedo will end up under Mauricio Pochettino's charge given the amount of time Chelsea have worked on a deal.
Liverpool feel, given the circumstances and their own drawn-out pursuit of Southampton's Romeo Lavia, the 21-year-old is too good a player not to attempt to sign even if it proves unsuccesful.
If there is no movement with Chelsea and Caicedo indicates he wants to line up under Jurgen Klopp, Liverpool are ready to advance matters. Bayern Munich are also exploring a deal.
It is understood that the Ecuador international cleared out his locker at Brighton five days ago and has not been back at the club since.
He is bunkered in London waiting for a transfer to be agreed - and the location is instructive given Caicedo has been sold on the switch to Chelsea, who are now expected to intensify their efforts to sign him.
The player's preference is the deciding factor in how both clubs proceed and Liverpool are prepared to act if they receive the necessary encouragement