Anfield side chase Real Madrid, Sevilla and Zenit stars.
Liverpool boss Brendan Rodgers has already secured four new signings this summer but now has his sights set on three further additions according to the Daily Star.
The Anfield outfit have brought in free agents James Milner, Danny Ings and Adam Bogdan and invested £3.5m in the capture of Charlton Athletic youngster Joe Gomez and are now ready to step-up their spending.
Rodgers hopes that a £16m bid will encourage Real Madrid to sell midfielder Asier Illarramendi with the Spanish international having become something of a bit-part player at the Bernabeu.
The Liverpool manager is also looking to further improve his attacking options, having signed Ings from Burnley, with South American pair Carlos Bacca and Salomon Rondon now being on the club’s transfer radar.
Sevilla star Bacca would set Liverpool back £22m, a fairly hefty price for a 28 year old with just two seasons of top European experience to his name, with the Colombian having now completed his involvement at the Copa America finals.
A move for Venezuelan Rondon would cost a more reasonable £14m though one wonders if Russian Premier League side Zenit would be willing to sell the former Malaga man after his superb efforts last term.