Diaz has been an important member of Jurgen Klopp's side this season and has already scored four goals and provided an assist in 14 games for The Reds this season.
At the same time, Raphinha has fallen out of favour with the reigning La Liga champions under the management of Xavi.
A report from Football Insider indicates that there were rumours in Spain suggesting that the 26-year-old Brazilian international could be included in a deal that sees him move to Anfield as part of an arrangement involving Reds star Luis Diaz.
However, the report goes on to explain that Liverpool are unwilling to entertain any offers for their Colombian forward, which essentially rules out the prospect of a swap.
Diaz still has four years remaining on his contract with Liverpool, and the Premier League club is believed to be adamant about keeping him in England for the foreseeable future.
The Liverpool winger joined The Reds from FC Porto for a fee of around £37m in 2022, and his contract is understood to run until the summer of 2027.
Klopp may still need to find reinforcements in the summer, with speculation still ongoing around Mohamed Salah's potential move to the Saudi Pro League.