At one stage during the summer transfer window, the Reds were believed to be on the brink of bringing Zubimendi to Anfield, only for the Spain international to have a change of heart and stay with his current club.
Zubimendi has not been rewarded for his loyalty on the pitch, though, as a dismal start to the 2024-25 campaign for Imanol Alguacil's side has left them 12th in the La Liga table with just three wins from their opening 11 games.
Real Sociedad's mediocre record in the current campaign comes in spite of Zubimendi playing the full 90 minutes in each of their last 10 top-flight matches, although he was on target for Spain in a 1-0 Nations League win over Denmark in October.
The Euro 2024 winner is still contracted to Real Sociedad for another three years, but his team's struggles in 2024-25 have naturally led to speculation that he could perform another U-turn and seek a move to a Champions League-challenging club next year.
Arne Slot admires 'key quality' of Milan's Reijnders
However, should Liverpool either be rejected again or decide against reigniting their interest, Fichajes reports that Slot has set his sights on Milan's Reijnders as an alternative transfer option.
The pair worked together at AZ Alkmaar while Slot was in charge of the Dutch giants from 2019 to 2020, although Reijnders was limited to just three Eredivisie appearances in that season and did not make a major breakthrough until after Slot's departure.
The 26-year-old remained with AZ Alkmaar until the summer of 2023, when he made the switch to San Siro in a £17.3m deal, and he immediately became a regular in the heart of the Milan midfield.
Reijnders now has six goals and six assists under his belt from 61 matches in a Rossoneri shirt, scoring two goals and setting up two more in 11 appearances this season, and he also started all six of his nation's games at Euro 2024.
The Netherlands international is capable of operating as a number six, number eight and number 10, and Slot is said to heavily admire his versatility, despite not giving him much of a look-in at AZ Alkmaar.
How realistic are Liverpool's hopes of signing Reijnders?
Liverpool are apparently one of two Premier League teams hoping to secure a deal for Reijnders in the New Year, as the report adds that Tottenham Hotspur are also prepared to make an offer for the 26-year-old.
However, Milan have Reijnders under contract until the summer of 2028 and reportedly have no plans to part ways with the Dutchman next year, and they could even try to tie him down to a new deal to ward off interest from elsewhere.
Barcelona and Manchester City are also rumoured to have been keeping tabs on Reijnders's displays in Italy, but neither side have shown as serious an interest as Liverpool and Tottenham.
Liverpool boss Slot has settled on a double pivot of Alexis Mac Allister and Ryan Gravenberch this season, while recently rotating between Dominik Szoboszlai and Curtis Jones in the most advanced midfield position.
Wataru Endo and Tyler Morton currently provide backup in the defensive midfield slots, and Harvey Elliott is an option further forward but has been out since the middle of September with a foot fracture.