The transfer window may be closed but Liverpool still have the opportunity to bring in a high profile player.
Valdes, 32, is a free agent after his Barcelona contract expiring met with the unfortunate circumstance of suffering a cruciate knee ligament injury.
A planned move to Monaco fell through, and the goalkeeper remains on the market.
Valdes suffered his injury in March, so there is no guarantee he will be able to play before at least November, but his talent is undeniable.
A three-times Champions League winner, Valdes said he wanted to leave Barcelona for a new challenge ahead of his injury, and signing for Brendan Rodgers' Liverpool would be just that.
The Reds were linked with Argentine goalkeeper Sergio Romero in August, amid rumours they are searching for a back-up to place competition on Simon Mignolet.
The Belgian goalkeeper had a solid first season at Liverpool, but adding Valdes to the ranks would push him to lift his game, and ensure the club have a talented stand-in.
Against the deal, is likely to be Valdes' wage demands, but he will have to lower his expectation upon what he was due to earn with Monaco.
Yet he will have to bear in mind his recent injury, Liverpool however may not want to pay a princely sum to a player who will be initially, a second choice goalkeeper.
The option is a tempting one, and ultimately it may come down to the financials as to whether it gets done.
What can be certain, is that as Valdes steps up his recovery, he will not remain a free agent for much longer.