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Lyon's troubles — which led to the club being demoted to Ligue 2 last month before that decision was overturned — mean that it is being forced to sell its best players, with Rayan Cherki having already moved on to Manchester City.
Liverpool could be in the market for a new left winger after Luis Diaz left the club to join Bayern Munich, although it remains to be seen whether the Reds will firm up their reported interest in Fofana, considering the options that they already have on the left flank.
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Cody Gakpo is expected to start the season in that position, while Hugo Ekitike can also operate in that area of the pitch, and the excitement surrounding teenager Rio Ngumoha continues to grow.
If a move to Anfield does materialize for Fofana, then he will be moving to the club of his dreams, as his agent, Bobo Fofana, revealed in an interview with Africa Foot earlier this year.
"The choice of heart would be Liverpool," Bobo Fofana said.
"Now, the choice of reason would be Newcastle, a well-structured club that could be a first step to gain experience before, perhaps, joining a club in the European top five."
Outlining the player's qualities, Bobo Fofana added: "He has the profile to succeed in the Premier League?
But he'll have to choose the right club, because competition is fierce across the Channel."
Who is Malick Fofana.
Fofana was picked up by Belgian team Eendracht Aalst as a child before making the move to Gent's academy in 2014; Fofana stayed with Gent for 10 years, leaving last summer to join Lyon.
Fofana has received high praise for his quality since moving to Lyon, with ex-Lyon manager Pierre Sage, who was replaced midway through last season, saying: "He's a player who's at the very high level in his mentality, but he will have to string together these sorts of matches, then he will have a very, very good future."
Sage also said of Fofana: "He's quick, he's skilful, and he's not afraid to take risks
He's already made a big impression on the team, and I'm sure he'll continue to improve and develop in the years to come."
Former teammate Cherki said of Fofana: "I like everything about him, he's good, kind, not very handsome (laughs) but who cares
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