The Ukraine winger is said to be valued at £18 million, although current club Dnipro may be forced to sell him for a much lower price in January, after Konoplyanka rejected a new deal earlier this year.
The 24-year-old has constantly been linked with Liverpool in recent months, with the Reds expressing their frustration that a move didn't materialise on Deadline Day last January.
But Konoplyanka could now be set for a move to Italy, with Inter Milan reportedly jumping ahead of Liverpool in the race to sign the winger.
Indeed, the Daily Mirror claim the Ukraine international is wanted by the Serie A side, meaning the Reds could miss out on his signature for the second January transfer window running.
And yet, if Liverpool's interest in Konoplyanka is genuine, would it be such a bad thing if Brendan Rodgers' men missed out?
After an incredible summer outlay, the Anfield side now boast a number of attacking midfielders and wingers, some of whom are yet to prove themselves on Merseyside. What good, then, would adding another wide man that needs time to adapt to the Premier League do?
Squad depth is essential but Liverpool already have that without Konoplyanka. There is nothing the 24-year-old could be said to possess that any one of Raheem Sterling, Philippe Coutinho, Adam Lallana or Lazar Markovic already do, while young Suso is waiting in the wings if Rodgers wants to change his midfield up at all.
Last season, Liverpool missed out on Konoplyanka but almost went on to win the Premier League title without him. This time around, a failure to sign the Ukrainian will likely mean just as little.
As good as he may be, Inter should really be welcome to him.