The 19-year-old Colombian has starred in the Copa Libertadores so far this season, and already has three goals and two assists in just four games this term.
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Jordan Henderson has been ruled out for at least six to eight weeks
And according to Portuguese newspaper A Bola, Liverpool are keen on securing his services.
But the Reds face competition for the youngster's services, with European giants Paris Saint-Germain and Porto also keen on the forward.
Elsewhere Liverpool have been charged by UEFA following last night's Europa League match at Borussia Dortmund.
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Liverpool have been linked with a move for Marlos Moreno
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The Reds have been charged for incidents involving their fans letting off fireworks and flares after Divock Origi scored the opening goal in the 1-1 draw.
Hosts Dortmund have also been charged over blocked stairwells at Signal Iduna Park.