Real Madrid will offer Marco Asensio to Liverpool, as they attempt to sign Sadio Mane during the summer transfer window, the Daily Express reports.
Mane has developed into one of Jurgen Klopp's key players, since arriving at Anfield from Southampton in 2016.
The Senegal forward has scored 59 goals in 123 appearances in all competitions, helping Liverpool win the Champions League and finish second in the Premier League last term.
Real are ready to step up their interest in the 27-year-old ahead of the new season and are willing to offer Asensio in a proposed swap deal with Mane.
Klopp is believed to be an admirer of Asensio, who featured 44 times for Los Blancos last season, but will be reluctant to lose Mane.
Mane was strongly linked with Real Madrid earlier in the season, but distanced himself from the rumours ahead of Liverpool's Champions League final win over Tottenham in June.
He said: "This is part of football, so we have to deal with it.
"For me, the more important thing is that I am with Liverpool and I am very happy here, and I am preparing for one of the club's biggest games. Let's focus on this first, and on winning it."