Odds have been slashed for the Reds to land the highly-rated Sporting star following a flurry of large bets.
Liverpool are now at a short 1/9 to land the Portugal international with the price falling from 7/4.
That makes Jurgen Klopp's men stand-out favourites ahead of rivals Manchester United, who are at 3/1, followed by Atletico Madrid, priced at a longer 13/2.
It's believed Sporting's asking price for Fernandes is around £70 million with the midfielder having four years still remaining on his current contract.
That price will only have been elevated following Fernandes' success in the UEFA Nations League with Portugal, who won the inaugural edition of the tournament this summer.