Despite his status as Jurgen Klopp's first-choice left-winger and his long-running contract at Anfield until the summer of 2027, the Colombian's future on Merseyside is being called into serious question.
Two-and-a-half years on from his arrival from Porto in the January 2022 window, no talks are believed to be ongoing to prolong his terms, and a sale could apparently be considered this summer if the two parties decide against an extension.
La Liga champions Barcelona and Ligue 1 champions-elect PSG are both said to be casting a watchful eye over the situation, but the two clubs could supposedly be quoted a monumental asking price.
According to Colombian outlet El Heraldo - via the Liverpool Echo - the Reds are prepared to demand at least £102m and potentially as much as £123m to let Diaz depart in the upcoming window.
Diaz 'pushing' for Barcelona move
Such a fee would represent Liverpool's second-most expensive sale of all time, only behind the total £142m package that Barcelona agreed for Philippe Coutinho in the winter of 2018.
Six years later, the Catalan giants are still strapped for cash and could not fork out such a fee, although Diaz is believed to be ready to leave Liverpool in order to push through a move to Barcelona.
Alternatively, PSG - assuming they can remain on the right side of Financial Fair Play - would be able to bow to Liverpool's demands, especially with Kylian Mbappe's imminent exit freeing up over £170m in yearly wages.
Despite a traumatic family ordeal earlier in the season, where his parents were kidnapped in their native Colombia, Diaz has enjoyed a productive campaign with 13 goals and four assists in 46 games in all tournaments.
The 27-year-old boasts an overall total of 24 goals and 12 assists in 93 matches for the Reds over the past two-and-a-half years, winning the FA Cup, two EFL Cups and the Community Shield in the process.
Which wingers could Liverpool target to replace Diaz?
Diaz might not be the only celebrated Liverpool winger to seek pastures new this summer, as Mohamed Salah is yet to extend his Reds contract beyond 2025 and remains a top target for teams in Saudi Arabia.
Despite the presence of Cody Gakpo and Diogo Jota - statistically the best finisher at the club - and the return of Fabio Carvalho from his successful Hull City loan, at least one new wide man should be pursued if Diaz and/or Salah depart.
Leeds United's Crysencio Summerville has apparently garnered interest from the Merseyside giants, although Arsenal and Chelsea are also monitoring the 2023-24 Championship Player of the Season.
Liverpool have long been linked with a swoop for Juventus' Federico Chiesa too, and as is the case with Salah, the Euro 2020 winner will become a free agent in 2025 as things stand.
West Ham United's Mohammed Kudus and Eintracht Frankfurt's Omar Marmoush represent two other supposed targets for Liverpool, who face Everton in a Premier League Merseyside derby on Wednesday night.