Thomas Lemar has been the subject of a tug of war between Arsenal and Liverpool since last summer, with the Gunners believed to have come close to signing the striker.
Monaco have great news for Premier League clubs too as manager Leonardo Jardim hinted that the French international may soon leave the club.
The 22-year-old could be set to finally leave Ligue 1 as the two clubs are pushing hard to make a deal with them before the winter window closes.
Liverpool and Arsenal are both desperate to secure a top-four spot by the end of the season with Arsenal sitting five points behind Liverpool.
Liverpool have been active in the transfer market and have finally signed Virgil van Dijk for £75 million while also selling Philippe Coutinho to Barcelona for £142 million.