Origi is seemingly surplus to requirements at Liverpool.
The 23-year-old is seemingly surplus to requirements at Anfield after a disappointing loan spell with German side Wolfsburg last season, in which he only scored seven goals as the club came within a whisker of relegation.
Returning to Anfield, the Belgium international remains behind the likes of Daniel Sturridge, Dom Solanke, Danny Ings and Roberto Firmino in the striker pecking order and could now leave before Thursday's 5pm deadline.
That is because Palace have tabled the eight-figure offer in order to bolster their options before the end of the transfer window, despite already possessing ex-Liverpool striker Christian Benteke, Alexander Sorloth and Connor Wickham.
Valencia have offered a loan-to-buy option for the former Lille striker, but it is likely that Liverpool would prefer to offload Origi this summer - as he enters the final 12 months of his contract.
Origi has just 12 goals in 51 Premier League appearances following his time on Merseyside, but 30 of those outings have been from the bench. It remains to be seen if Palace can push through a deal before 5pm on Thursday.