Liverpool are on the lookout for replacements for Barcelona-bound Philippe Coutinho and Lemar is their priority target.
With Barcelona ready to pay in the region of £133m for the Brazilian, Liverpool have been working on finding his replacement in the background.
According to Yahoo Sport, Liverpool have held talks with Lemar and the France international is keen on a move to Anfield.
Liverpool, along with Manchester United and Arsenal, were all linked with a move for the midfielder last summer but a deal failed to materialise with the Ligue 1 champions unwilling to sell.
Yahoo say the Reds now need to finalise a fee with Monaco before the move is done.
Journalist Duncan Castles says the Reds are willing to spend the cash on Lemar should Coutinho’s sale go through.
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“They have been in negotiations with Thomas Lemar if their asking price for Coutinho is met by Barcelona,” he said on the Transfer Window podcast.
“So the money they will get for Coutinho will mostly go towards signing Lemar from Monaco, should the Coutinho deal happen.”
Arsenal came closest to landing his signature in the previous transfer window but Lemar is not convinced a move to north London would be the best fit for him.
Jose Mourinho is keen to bolster his attacking options this month, but he too has been snubbed by the 22-year-old, with Lemar preferring to join the Anfield outfit.
It remains to be seen whether Monaco are willing to do business with Liverpool this month but Jurgen Klopp’s side are leading the race ahead of their Premier League rivals with Lemar already giving his word he wants to sign.
Lemar, who has been with Monaco since signing from Caen in 2015, has netted twice and provided four assists in Ligue 1 this season.
His current contract with Monaco runs until 2020.