There have been rumours in Portugal that a deal has already been done but the Liverpool Echo has reported there has yet to be a formal approach for the Serbian.
There were reports that Liverpool were hoping to strike a deal with Barcelona that would involve Sanchez heading to Anfield as part of the deal that takes Luis Suarez to the Nou Camp. The figure for the deal that would take Suarez to Barcelona still varies between £65 million and £80 million depending on the source.
The BBC have reported the Reds are in advanced talks with Markovic, and that Liverpool are also hoping to discuss personal terms with young Belgium striker Divock Origi after agreeing a deal with Lille for around £10 million.
It has been said that Liverpool are prepared to loan the 19-year-old back to the Ligue 1 club for a season in order to aid his development.
Origi has impressed during this summer's World Cup as Belgium reached the quarter-finals of the competition, but were knocked out by Argentina on Saturday. He scored the winning goal for Belgium against Russia in the group stages.
A lot of reports are now suggesting that Brendan Rodgers will look at strengthening his defence. Dejan Lovren from Southampton has been heavily linked, and he gave an interview saying his 'head was already at Liverpool' whilst the Reds have been linked with a new left-back, with Alberto Moreno and Ryan Bertrand both mentioned.