Liverpool could use the £49M earned from selling Raheem Sterling to Manchester City on Borussia Dortmund forward Marco Reus.
According to The Metro, Brendan Rodgers has made the Germany international a top target and is willing to part with about £45M.
The 26-year-old signed a new deal running until 2019 as recently as February, but the paper claims that Dortmund have not ruled out selling the player if a suitable offer is made.
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Liverpool have also been linked with Aston Villa centre-forward Christian Benteke.