The versatile frontman emerged as one of Ligue 1's finest attackers last term, notching 22 goals for Christophe Galtier's side as they finished second to Paris Saint-Germain.
Claims over the weekend suggested the recently-crowned European champions had made a decisive move in the transfer market by lining up a bid worth close to £60million.
RMC Sport reported that the six-time European Cup winners were well placed to make Pepe their first big summer signing after beating Tottenham 2-0 in the Champions League final in Madrid eight days ago.
However, the ECHO understands those claims are incorrect and Liverpool have not discussed a move with either the club or Pepe's representatives.