Both clubs have endured issues during the 2023-24 campaign with Alisson Becker and Nick Pope each spending significant amounts of time on the sidelines.
That has led to their respective deputies - Caoimhin Kelleher and Martin Dubravka - making 26 and 28 starts in all competitions respectively.
However, there are no guarantees that the aforementioned duo will remain as backup at Anfield and St James' Park respectively, particularly the former who is eager to secure first-team football elsewhere.
Dubravka also has just over a year remaining on his contract and it may make sense for Newcastle to cash in on the veteran for a cut-price fee.
Championship goalkeeper on Liverpool, Newcastle's radar?
Furthermore, Adrian is leaving Liverpool at the end of the season, while Loris Karius appears likely to depart Newcastle given his lack of game time, so both clubs could be without a third-choice stopper.
According to the Daily Mail, Southampton goalkeeper Alex McCarthy has emerged as a viable option for both clubs.
The 34-year-old has spent much of the season at St Mary's on the substitutes' bench with Gavin Bazunu ahead of him in the pecking order, but the Republic of Ireland international recently suffered an Achilles injury.
As a result, McCarthy has been drafted into the starting lineup and recently kept a clean sheet in the first leg of the Championship playoff semi-final at West Bromwich Albion on Sunday.
McCarthy now has three shutouts from his six outings since the middle of April, yet his contract is due to expire at the end of the season.
Why signing McCarthy could prove to be a shrewd move
Over the years, former England international McCarthy is no stranger to having been linked with a move to a bigger club, albeit to likely sit on the substitutes' bench as second-choice.
In eight years at Southampton, he has only made 145 appearances, just 16 outings coming across the last two seasons, yet his experience could prove to be a valuable asset.
The goalposts may change should Southampton earn promotion with McCarthy giving every indication that he is capable of remaining as number one until 2025, when Bazunu is scheduled to return.
Nevertheless, he is at the stage of his career where a more lucrative contract may be too hard to turn down, with Celtic and clubs in Saudi Arabia also said to be monitoring the situation.