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The German giants are reportedly interested in signing Cody Gakpo, who the Reds could sell to raise funds for a busy summer transfer window.
Bayern were initially favourites to land Florian Wirtz earlier this month, but the exciting playmaker now seems destined for Liverpool.
Both turns of events have cleared the path for the Premier League champions to enter advanced discussions with Bayer, while personal terms are expected to be a formality.
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Wirtz’s decision to snub Bayern has prompted the Bundesliga side to seek alternative attacking reinforcements.
Brighton’s Kaoru Mitoma and AC Milan’s Rafael Leao are reportedly also under consideration.
In failing to convince Wirtz to join and then helping Liverpool free up funds by signing Gakpo, Bayern would be doing two big favours for the Anfield outfit.
A busy summer is expected on Merseyside, with several additions set to further bolster Arne Slot’s squad following their remarkable Premier League triumph.
Liverpool are also reportedly in talks with Bayer over Wirtz’s team-mate Jeremie Frimpong.
They are therefore reportedly reluctantly willing to allow Gakpo to leave this summer.
The winger started 23 Premier League games last season, making a total of 35 appearances in the division and scoring 10 goals.
Others could depart to ensure the Reds remain on the right side of profit and sustainability rules.
Liverpool won the Premier League by a 10-point margin over second-placed Arsenal.
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