According to Sky Sport Italia, the Merseyside club are keen to secure the 33-year-old's services, potentially setting up one of the most sensational moves in Premier League history.
De Bruyne, who has spent the last decade at Manchester City, confirmed his departure following a remarkable career under Pep Guardiola.
He departs having won six Premier League titles, a Champions League, two FA Cups, and numerous other honours, solidifying his status as one of the league's all-time greats.
Despite battling fitness issues over the past two seasons, De Bruyne remains a highly sought-after playmaker, with Liverpool looking to capitalise on his availability. The move would reunite him in the Premier League but in the red of a direct rival.
Adding fuel to the speculation, Liverpool captain Virgil van Dijk previously expressed a desire to play alongside De Bruyne, praising his footballing intelligence and creative ability.
"Someone that I've never played with before but would love at Liverpool is Kevin De Bruyne," Van Dijk commented back in 2022.
"I think he's unbelievable. If he would have played at Liverpool we would have gone even further than we already have. I think he's outstanding, good on the ball, pressing, scoring, he's got everything as a modern-day midfielder and footballer in general. I think he's an outstanding player."
Should the transfer go through, it would not only mark the end of an era at Manchester City, but also signal a major statement of intent from Liverpool as they look to reshape their midfield with proven quality.