Liverpool are keeping tabs on Alex Oxlade-Chamberlain's situation at Arsenal, a source has told ESPN FC.
Arsenal are planning to begin talks over a new contract with Oxlade-Chamberlain, who is entering the final two years of his current deal, and are determined to keep him, according to a source close to the player's camp.
However, should he fail to agree an extension, Liverpool could make a move for the England international, who has also been linked with Manchester City in recent days.
Liverpool boss Jurgen Klopp is expected to make changes to his squad in the summer and the source said he has made a new winger a top priority, with Oxlade-Chamberlain among the names on his list of targets.
Oxlade-Chamberlain, who is currently recovering from a knee injury he picked up last month, has struggled to hold down a regular place in the Arsenal starting lineup this season, making only nine Premier League starts.
The 22-year-old has seen his progress held up a series of injuries since his arrival at Arsenal from Southampton in 2011.