The Barcelona winger is currently on loan in Portugal and could be available for a bargain price.
The winger is currently in the second year of a two-year loan spell at the Portuguese giants, who also have the option to make the switch a permanent one.
That deal would cost them £9m, and they are currently undecided on whether they are willing to splash the cash to secure him permanently.
That has alerted Liverpool, who could look to take advantage of their hesitation and move to sign him in the January transfer window, as reported by Mundo Deportivo.
Jurgen Klopp’s side are seriously lacking in wide players, with Jordon Ibe the only recognised winger in the squad at present.
They do have Lazar Markovic but he is out on loan at Fenerbaçhe and unlikely to return any time soon, while the likes of Roberto Firmino and Adam Lallana do not look comfortable out on the wings.
Tello would add some much needed width to the side then, while his pace and running power would not go amiss in Klopp’s fast, pressing system.
For the price being quoted as well he would represent a bargain, although at present the German does have more important issues to address.