According to reports from the Portuguese media (via Sportwitness), the player is a target for Benfica as well as Liverpool.
Camacho has a contract with Malaga until 2019 and also has a 20 million Euros release clause.
Liverpool have the financial muscle to complete the transfer. Furthermore, the lure of the Premier League could also work in their favour in case Benfica decide to pursue the player as well.
Camacho is a reliable defensive midfielder and would add some much-needed steel to Liverpool’s midfield. The Reds have also struggled with their positioning in midfield, especially against the best teams and Camacho would be a great addition in that respect.