Boss Kenny Dalglish is keen to bring in at least one winger during the summer to provide the ammunition for his new look strike force of Andy Carroll and Luis Suarez and Young was believed to be his top target.
However, the 25-year-old will reportedly only leave Villa for Manchester United and Dalglish has now turned his attentions to Perotti, who at 22 is three years younger than Young.
The Argentine winger, who has been capped once by his country, is reportedly valued at £7million by Sevilla and some reports claim Liverpool have already launched a bid, but they face competition from Italian giants Juventus.
Stoke could face a battle to keep Xherdan Shaqiri as reports have claimed Mark Hughes wants him at Southampton next season.
Bayern Munich have entered the race to Emre Can, who continues to talk up a move away from Liverpool this summer.