Liverpool are looking to sign striker Danny Ings in a deal that would see him loaned back to Burnley for the rest of the season.
Manager Brendan Rodgers sees the England under-21 international as a player who can bolster his forward line in the long-term, sources have told ESPN FC.
Ings has scored seven times this season, finding the net in each of his last three Premier League appearances.
Burnley manager Sean Dyche has stated repeatedly that he does not want to sell Ings, seeing him has vital to the club's attempt to stay in the Premier League, but Liverpool hope they can secure a deal before Monday's transfer deadline that would allow the 22-year-old to stay at Turf Moor until the summer.
ESPN FC has also been told that Tottenham are keen on Ings, who is out of contract at the end of the season, while Real Sociedad have also been linked.
Dyche, though, has been prepared to let the striker run down his contract and leave at the end of the season, although the Clarets would still be entitled to a fee for him -- likely to be between 3 and 5 million pounds -- as he is under 24.
Burnley's manager feels that is less of a risk than sanctioning a sale in mid-season and losing the goal threat that could keep the club in the top flight.
The striker, who signed from Bournemouth for around 1 million pounds in August 2011, scored 21 times last season as Burnley won promotion from the Championship by finishing runners-up to Leicester.
Dyche told a news conference on Thursday: "There's just been contact, constant contact, but we all know where we stand.
"I think contractual situations are private to players. Danny's made it clear he's going to be here until the end of the season, we've made it clear he's going to be here until the end of the season. After that, who knows? Watch this space.
"He wants to be here. He's made that clear, and said that numerous times, so I'm happy to go along with his words."
Liverpool completed a similar move when they signed Divock Origi last summer in a deal worth 10 million pounds, then loaned him back to Lille for the season.
Rodgers said earlier in January that the club had looked into paying a break clause to terminate Origi's loan deal early, but Lille were unwilling to release the Belgium international during the season.
Under the terms of the agreement, that meant that Liverpool would have to wait until the end of the season to take the striker back.