Dybala could leave Juventus in the summer, having endured a rocky season in Turin under Massimiliano Allegri.
Liverpool could spend big on a blockbuster name as they hunt a replacement for Philippe Coutinho, who joined Barcelona in January.
And Mediaset Premium say Liverpool are keen to sign Dybala when the transfer window reopens.
The Reds have money in the bank from Coutinho's sale, having pocketed a huge £142million from his sale.
Liverpool are already in possession of one of the most formidable strikeforces in world football.
But Dybala could add a new dimension to their attack.