A defensive midfielder who is also comfortable in a number eight position, Fernandez is believed to have earned plenty of admirers following his breakthrough into the Boca first team.
The Argentine spent the 2022 season on loan with Tigre, making 42 appearances in total before his integration into the Boca senior team, where he boasts two assists from 43 competitive fixtures.
Fernandez's form has been pivotal to Boca's run to the Copa Libertadores final, as the midfielder has made four successive starts in the quarter-finals and semi-finals, playing the full 90 as his side overcame Palmeiras on penalties in the final four.
Fernandez will be expected to keep his place in the starting lineup during next month's final with Fluminense, although his domestic feats have not yet convinced Argentina head coach Lionel Scaloni.
The 21-year-old - who stands at 5ft 10in tall - has not represented La Albiceleste since earning 13 caps at Under-17 level, but his feats are attracting European attention regardless.
According to Italian outlet La Gazzetta dello Sport, Liverpool are one of a number of teams casting a watchful eye over Fernandez, whose contract with Boca Juniors runs until the end of 2025.
Despite overseeing a successful midfield rejig in the summer, Reds boss Jurgen Klopp could still welcome another addition or two to his engine room next summer, when Thiago Alcantara's contract will expire.
Having opted to splash the cash on a number of players rather than putting all their eggs in the Jude Bellingham basket, Liverpool brought Wataru Endo, Ryan Gravenberch, Alexis Mac Allister and Dominik Szoboszlai to the club, and the latter three all started in Saturday's Merseyside derby success over Everton.
Curtis Jones - who is currently serving a domestic ban - and Harvey Elliott represent alternative midfield options for Klopp, who lost all of Naby Keita, Jordan Henderson, Fabinho, James Milner and Alex Oxlade-Chamberlain over the summer.
In addition to Fernandez, the Reds are also being tipped to move for his South American counterpart Andre, whose Fluminense side will come up against Boca in November's Copa Libertadores final.
Schalke 04's teenage protege Assan Ouedraogo is another name on Liverpool's wishlist, but AC Milan are also vying for the 17-year-old's signature and are in the hunt for Fernandez's services too.
The Rossoneri are said to be the main contenders for the Argentine - who has been compared to Sergio Busquets and Esteban Cambiasso - while Portuguese champions Benfica are also in the mix.
Fernandez could follow a similar path to compatriot Enzo Fernandez at Benfica, where the ex-River Plate man rose to prominence in a six-month spell before a £106m transfer to Chelsea in January.