A highly successful campaign at club and international level has seen the 24-year-old become a World Cup winner with Argentina while topping the Seagulls' goalscoring charts.
Alongside one goal and one assist in six World Cup starts for Argentina, Mac Allister has produced 12 goals and two assists from 36 appearances for Brighton across all competitions this term.
Ten of the South American's strikes have come in the Premier League, where Roberto De Zerbi's side sit sixth in the table thanks to Sunday's 3-0 beating of title chasers Arsenal.
Mac Allister also helped Brighton reach the semi-finals of the FA Cup, where they were ultimately beaten by Manchester United on penalties, and the Seagulls are facing an uphill battle to keep hold of him this summer.
The former Argentinos Jrs man still has another two years left to run on his deal with an option until 2026, but De Zerbi admitted after the weekend's win at the Emirates that he could be sold in the upcoming window.
Liverpool are understood to be at the head of the queue to sign Mac Allister for the 2023-24 season, while Manchester United and Chelsea have also been credited with an interest.
A recent report claimed that the Reds were confident of wrapping up a £70m deal for the Argentinian this summer, but Jurgen Klopp's side are playing catch-up in the race for a top-four finish, which could end up harming their pursuit.
According to The Athletic, should Mac Allister part ways with Brighton in the upcoming transfer window, he is eyeing a move to a club competing in the Champions League.
A late-season surge has propelled Liverpool up to fifth place in the table thanks to a seven-game winning streak, the most recent of which was a 3-0 success at Leicester City on Monday night.
The Reds - who are now guaranteed at least a top-six finish and place in the Europa League - are only one point behind third-placed Newcastle United and fourth-placed Manchester United, but both sides have a game in hand.
The report adds that Mac Allister and his father are yet to reach an agreement with any club, but there is a "mechanism" in his Brighton contract which would help him engineer a move away.
Mac Allister cost Brighton just £7m to sign from Argentinos Jrs in 2019, and the midfielder has since recorded 20 goals and eight assists from 108 appearances in a Seagulls jersey.
Liverpool will lose at least three midfielders this summer as Naby Keita, Alex Oxlade-Chamberlain and Juventus loanee Arthur prepare to say their goodbyes, while James Milner is expected to join Brighton on a free transfer.
The Reds had initially identified Borussia Dortmund's Jude Bellingham as their number one target but are now searching for alternatives due to the 19-year-old's £130m price tag.