The forward has failed to agree fresh terms at Stamford Bridge and could be set for a move at the end of the season.
However, due to the player's age, Liverpool will have to pay compensation for the England youth international, and reports suggests a fee of around £8million could see the deal go through.
It's claimed Chelsea have failed to match Solanke's demands but it may well be a case of Liverpool being able to offer a greater prospect of first-team football in the coming years.
Liverpool boss Jurgen Klopp has brought the likes of Joe Gomez and Sheyi Ojo into the first-team fold during his time as manager at Anfield, while younger players have struggled to force their way into the Chelsea side under successive managers in recent seasons.
Solanke has featured in Europe for Chelsea but he is yet to make a Premier League appearance and last season he spent the campaign on loan at Vitesse in the Netherlands, managing seven goals in 25 Eredivisie outings.