The Reds entered the 2023-24 campaign with a revitalised and youthful-looking midfield, having moved all of Fabinho, Jordan Henderson, Alex Oxlade-Chamberlain, Naby Keita, James Milner and Leighton Clarkson on.
The protracted Jude Bellingham saga ended with the Englishman joining Real Madrid, as Liverpool spread their funds on four new midfield arrivals in Alexis Mac Allister, Ryan Gravenberch, Wataru Endo and Dominik Szoboszlai.
Szoboszlai, Mac Allister and Gravenberch have quickly become regular starters for Jurgen Klopp, who also has Thiago Alcantara, Curtis Jones and Harvey Elliott at his disposal.
However, the injury-plagued Thiago - who is still waiting for his first appearance of the current season due to a hip injury, which has kept him out since April - sees his contract expire at the end of the campaign.
With the Spaniard turning 33 next year and not expected to return from his latest setback until January, Liverpool are expected to let him leave on a free transfer amid interest from Juventus and Inter Milan.
As a result, the Reds will likely try to strengthen their engine room further, and according to the Daily Mail, Leeds protege Gray has been identified as a possible star in the making.
The 2006-born midfielder made the bench for the Whites in the 2021-22 and 2022-23 Premier League campaigns, signing a two-year scholarship deal in the first few weeks of the latter season.
Gray did not earn his Whites debut in the top flight before their relegation, but he is enjoying a breakthrough year under Daniel Farke in the Championship, already making 17 senior appearances in all tournaments.
The teenager made his 13th Championship start of the new term in Saturday's 2-1 win over Plymouth Argyle, helping Leeds to cement a third-placed ranking in the table heading into the international break.
Gray has recently been deployed as a right-back as well as a number six and number eight, and he won his first three caps for England's Under-19s in a trio of European Championship qualifiers last month.
Midway through the 2022-23 campaign, Gray penned his first professional contract at Elland Road, but those terms are due to expire at the end of the 2024-25 season, and Liverpool are said to be plotting their move.
Leeds are determined to retain Gray's services, though, and they will supposedly hold out for at least £40m and potentially as much as £50m to sell their highly-rated academy product.
However, the Whites accept that they may be forced to entertain offers in 2024, especially with Everton and Crystal Palace also keeping a close eye on his performances.
Gray has been called up to the England Under-19s squad for this month's international break, which sees Simon Rusk's men face Romania (November 15), Japan (November 18) and Mexico (November 21) in Marbella.