The San Siro side are set to sell Swiss international Shaqiri to Stoke City (via BBC Sport) in a deal that will bag the Serie A side a sum of £10m+.
24-year-old Borini may well be tempted by a move back to Serie A after failing to make an impact during his time at Anfield.
The former AS Roma man has managed just three goals in 38 appearances for Liverpool and has now fallen way down Brendan Rodgers pecking order.
Last season Borini made just three Premier League starts as Daniel Sturridge, Mario Balotelli and Rickie Lambert, who has since been sold to West Brom, all moved ahead of the attacking live-wire in Brendan Rodgers’ plans.
The arrival of new signings Christian Benteke, Danny Ings and Roberto Firmino have made Borini very much surplus to requirements at Liverpool and the Italian international didn’t even make the club’s match-day squad for their opening weekend win over Stoke City.