The move wouldn't make sense anyway.
During his time on Merseyside the Argentine was a favourite amongst the fans for his aggressive tackling in the midfield when Rafa Benitez was the manager at Liverpool.
In Spain, however, he has been used more as a centre-back rather than in his preferred defensive midfield role.
Some reports this week have indicated that he could be leaving the side for as little as £9m.
However, speculation linking him with a move back to Anfield has been rubbished this morning in the Liverpool Echo.
There were also quotes in The Times not so long ago where he said he wanted to finish his career in Argentina, and that playing in England was in the past. Tony Barrett, who conducted the interview, posted them on his twitter page.
But a return to Merseyside doesn’t seem to be one that would make sense in the first place, especially given that Steven Gerrard is entering the autumn of his career and has been in good form in a deeper midfield position.
Since Brendan Rodgers has opted for just the one midfielder to sit deep in the second half of the season, it would seem a little odd bringing Mascherano back to the club, especially when there is a younger player in Lucas Leiva who can play the defensive role.
Though there appears to be a question mark over the future of Lucas at Liverpool, but it wouldn't make sense if he was replaced by Mascherano. If Liverpool were to look for another midfielder who can play the deeper role to a good standard, then one would think it would be someone younger, or maybe even an academy product.