There is still no clarity on the contract situation of Alexander-Arnold, who can open pre-contract talks with foreign clubs from January onwards and could leave for nothing at the end of the season.
Liverpool are believed to still be in contact with the right-back's camp over a renewal, but Champions League holders Real Madrid remain in hot pursuit as they target a long-term successor to Dani Carvajal.
Alexander-Arnold's backup option Conor Bradley has proven his competence over the past couple of seasons, shining in the 2-0 UCL win over Los Blancos last month, and the Reds also have Calvin Ramsay on loan at Wigan Athletic.
However, if the club cannot tie Alexander-Arnold to fresh terms before the summer, they are expected to dip their toe into the transfer market to replace him, and Frimpong is thought to be a prime candidate.
Liverpool 'make Frimpong top target' to replace Alexander-Arnold
According to CaughtOffside, Liverpool have earmarked the 23-year-old as their number one pick to step into Alexander-Arnold's shoes and are in 'continuous' talks to bring him to Anfield.
Frimpong spent nine years in the Manchester City academy ranks from 2010 to 2019 before leaving for Celtic, who subsequently sold him to Leverkusen for a modest €11m (£9.1m) in January 2021.
The Dutchman's value has increased exponentially since he arrived at the BayArena, contributing 27 goals and 39 assists from 162 matches for Leverkusen, including two goals and seven assists from 20 outings this season.
Frimpong has nailed down the right wing-back slot under former Liverpool favourite Xabi Alonso, playing a fundamental role in Leverkusen's Invincibles Bundesliga campaign last season, and his deal runs until the summer of 2028.
The report adds that the Liverpool hierarchy will fight tooth and nail to agree an extension with Alexander-Arnold until the last minute, but the Reds could "increase the pressure" on Frimpong if their vice-captain seeks pastures new.
Who might Liverpool have to battle to sign Frimpong?
Liverpool are believed to be one of three European giants hoping to prise Frimpong away from Die Werkself, a list that also includes Premier League champions Man City and Real Madrid themselves.
Frimpong's former club City are expected to pursue a direct replacement for the 34-year-old Kyle Walker next year, and the ex-Sheffield United man has been tipped to make a 'dream' return to Bramall Lane.
Meanwhile, Real Madrid's supposed interest in Frimpong could actually work to Liverpool's benefit, as Los Blancos would not be expected to pull off deals for both the Dutchman and Alexander-Arnold in the same window.
Should Carlo Ancelotti's men side with Frimpong over Alexander-Arnold, Liverpool's hopes of tying the 26-year-old down to fresh terms would ostensibly receive a massive boost, unless Barcelona - another rumoured suitor - comes calling.
Written by
Ben Knapton