The playmaker is one of a few gems in the Gones crown tipped to leave the Groupama Stadium at the end of the season after Lyon were provisionally relegated to Ligue 2 in the middle of November.
The former dominant force of Ligue 1 football had racked up debts of over £400m, and unless they can demonstrably prove that their financial situation improves next year, they will be bumped down to the second division.
Selling some of their most prized assets would be a foolproof way of raising the required funds in January, and just a day after Lyon's provisional relegation was announced, Liverpool were said to have contacted Cherki to discuss a possible deal.
It was then reported that the Reds had come forward with a bid of around £17m for the France Under-21 international, who was non-committal when asked whether he would still be a Lyon player next season.
Cherki responds "we'll see" to Lyon transfer question
"We'll see at the end of the season if I'm still here or not," L'Equipe quotes Cherki as saying, and the same report states that a January departure could come to fruition for the right price.
The Frenchman extended his contract at the Groupama Stadium as recently as September, but he did not sign a long-term extension with Pierre Sage's side, only committing until the summer of 2026.
All of Paris Saint-Germain, Borussia Dortmund and Fulham were apparently keen on signing Cherki last year before he penned fresh terms with Lyon, whom he has represented since 2010.
The attacker made his senior debut for Les Gones at just 16 years of age and has now turned out for Lyon on 157 occasions, registering 22 goals and 31 assists in the process.
Cherki has hit a rich vein of form this season with five goals and six assists in 16 games, scoring one of his own and setting up two more in a 3-2 Europa League win over Bundesliga high-flyers Eintracht Frankfurt in midweek.
Should Liverpool be going all out to sign Cherki?
The official word from Lyon owner John Textor is that the club are not at all concerned about the prospect of demotion to the second tier, as they are completely confident that they can rectify their financial situation before the Directorate of Management Control (DNCG).
However, concerns over losing the effervescent Cherki should be very real indeed, as the French Olympic silver medallist is about to enter the 18 months of his contract and would be unlikely to extend in Lyon's current state.
Comfortable in both a right-wing and number 10 position, Cherki would offer another alternative to Mohamed Salah on the right-hand side alongside Federico Chiesa and Harvey Elliott, the former of whom still cannot be trusted to stay fit.
The Frenchman's signing should not break the bank either given Lyon's desperate situation, meaning that the Cherki operation could be one of low risk and high rewards for Liverpool in 2025, but they should not expect to be the only side pursuing a deal.
Written by
Ben Knapton