The Reds are reportedly keen on signing the Italian in January.
The Reds are in desperate need of defensive reinforcements, with injuries having robbed them of Mahmadou Sakho, Dejan Lovren and Martin Skrtel in recent weeks.
That has apparently led them to Inter defender Ranocchia, who has already reportedly agreed to the move after being contacted by Jurgen Klopp’s side.
The German boss is also keen on the move, having chased the Italian defender on two occasions when manager of Borussia Dortmund without managing to get a deal over the line.
There are still negotiations between the two clubs to be completed though, with Liverpool keen on a loan deal with a right to buy, while Inter are keen to sell him straight away instead, as claimed by Tuttomercatoweb.
Those negotiations could be completed as soon as possible though, with both parties having already talked for some time and meeting again to find a resolution.
The Reds will be hoping to secure the signing as soon as possible, with their defensive problems threatening to curtail any chance of a push for the top four in the coming months.