The Portuguese club reportedly see the 21-year-old Spaniard as an ideal option to replace Uruguay international, Maxi Pereira.
Talented young Spanish right-back Javier Manquillo arrived at Anfield with plenty of high expectations, but after making just ten appearances during the 2014-15 campaign in the Premier League, plus nine outings in cup competitions, his future with Liverpool is currently uncertain.
A recent report by The Mirror claimed that Liverpool are planning a wholesale clear-out this summer, as Brendan Rodgers looks to completely rebuild his squad. Just one year into a two-year loan deal from Atletico Madrid, 21-year-old Manquillo was highlighted as one of eight possible departures.
If that proves to be the case and Liverpool cut short his loan from Atletico, one potential destination has already been revealed by Portuguese sports newspaper, A Bola.
On the front page of Tuesday's edition, A Bola published a trio of players who Benfica are targeting, amidst the likelihood that current right-back Maxi Pereira could leave this summer, having thus far rejected a contract renewal. Right in the middle and one of the favourites, is none other than Manquillo.
31-year-old Uruguay international Maxi Pereira was coincidentally linked with interest from Liverpool last year, but that didn't eventually amount to anything more than rumours.
More recently though, this week The Sentinal have reported Stoke City are planning an approach for Maxi Pereira, although they'll face stiff competition from Benfica's arch-rivals, FC Porto.
Meanwhile, if Manquillo is indeed surplus to requirements at Liverpool, the reported interest from Benfica is unlikely to be the last. Fellow Spaniards Luis Alberto and Jose Enrique, have also been tipped to leave Merseyside, and all three will undoubtedly attract interest from a host of La Liga clubs.