Depay has been strongly linked with a move away from the Dutch league leaders, with both Tottenham Hotspur and Manchester United credited with holding an interest in the 21-year-old Netherlands international by the Daily Mail.
PSV's CEO Toon Gerbrands has been quoted saying he expects Depay to leave the club in the summer despite being contracted until 2018.
Gerbrands told NOS: "He has the option to leave after this season. I think these players are very attractive to a lot of clubs in Europe. So far, no one has come forward with an offer but I expect we will come under great pressure."
For Liverpool it would be an interesting move and one that would seemingly fit their transfer policy of buying in younger players, and given how the strikers have performed at Anfield so far this season, it's probably of little surprise the club are being linked with another forward.
Depay has found the net on 16 occasions from 22 appearances so far this campaign and his potential arrival could mean a very uncertain future for the strike trio of Mario Balotelli, Rickie Lambert and Fabio Borini at Anfield, especially with Raheem Sterling being used up front a lot this season. There have also been strong links with Burnley's Danny Ings - per the Mirror - and Divock Origi arrives at the club in the summer.
Depay is a very quick and able striker and would suit the style Liverpool currently adopt but it won't be plain sailing for the Reds if they are to pursue him along with Manchester United and Tottenham.
The fight for the Champions League places involves all three teams, so one would think whoever gets into Europe's premier competition is likely to be the side in the driving seat to land his signature.
With United, there is also the Louis van Gaal factor who selected Depay for last year's World Cup finals in Brazil and shone, in particular from the bench, during the competition. Depay could be seen as the alternative to Radamel Falcao at Old Trafford given the Colombian hasn't set the world alight during his loan spell in Manchester, and it seems unlikely his stay will last beyond the end of the season.
In the case of Tottenham, much like Liverpool, they seem to be a good home for younger players at the moment who want to develop to the top level. There is also the fact that Emmanuel Adebayor's days look numbered at the club - and while Roberto Soldado has shown signs of improvement he is still struggling to a degree, so there is certainly the appetite for a new forward. Depay has the capabilities to press and play a high tempo game that Pochettino demands of his players.