The highly-rated 21-year-old spent the 2023-24 term away from Anfield on two seperate loan stints at RB Leipzig and Hull City in the Bundesliga and Championship respectively.
After gaining experience of playing in the German top flight and the Champions League during the first half of the season, Carvalho secured a loan switch to promotion-chasing Hull for the remainder of the campaign.
Despite his best efforts - and nine goals in 20 second-tier appearances - the Portuguese was unable to fire Liam Rosenior's Tigers to a top-six finish and subsequent playoff contention.
Since making the move to Anfield from Fulham in July 2022, Carvalho has only featured 21 times for Liverpool, scoring on three occasions.
Liverpool preparing for fresh Carvalho bid from Southampton?
According to Football Insider, Southampton are still in the hunt for the services of Liverpool youngster Carvalho ahead of the new season.
The report claims that the Reds are bracing themselves for a £20m bid from the newly-promoted Saints, who are looking to avoid an immediate return to the Championship.
It is understood that Southampton had an initial offer worth £15m for Carvalho rejected, with Liverpool viewing the proposal below the value of the former Cottager.
With the 21-year-old's contract on Merseyside expiring during the summer of 2027, Arne Slot's men are in a great position to drive a hard bargain.
As well as the Saints' push for the permanent signing of Carvalho, it is believed that a number of clubs in England and across Europe are interested in taking the playmaker on loan for the 2024-25 season.
Does Carvalho have an immediate future at Liverpool?
Amid speculation around a potential summer exit, Liverpool man Carvalho supposedly wishes to remain at Anfield and become a first-team regular this season.
The former England Under-18 international has certainly strengthened his case in pre-season so far, finding the net in friendly successes over Arsenal and Manchester United.
That being said, the fight for places in Slot's attacking line is set to be fierce and it is unlikely that Carvalho would be given any assurances of consistent Premier League minutes.
With that in mind, the attacker could be tempted by a move to Russell Martin's Southampton, who have marksmen Ben Brereton Diaz and Adam Armstrong to potentially allow Carvalho to rack up the assists.