Both players are most comfortable playing on the right-hand side of attack, a position where Liverpool only have Mohamed Salah who is a regular in that role.
Henrique contributed to 10 goals in his debut season in Europe after arriving from Fluminense last summer, aiding Real Betis to a sixth-place finish in La Liga and a respectable run in the Europa League.
Fichajes claims that Jurgen Klopp is a fan of the player and sees him as someone who can cover in Salah's potential absence, as well as offering an alternative option from the bench.
At this stage it is believed no concrete talks have taken place with an offer not yet put forward, but that could change as the transfer window progresses.
Aston Villa are also mentioned as a side who could rival Liverpool for Henrique, and they would also face competition should they opt to make a move for Malcom.
According to FootMercato, Liverpool are appreciative of his profile, further fuelling links that the club are in the market for a right-sided attacker.
However, the Zenit St. Petersburg winger is also attracting attention from Paris Saint-Germain and Saudi Arabia.
The report claims that PSG showed interest in the former Barcelona winger during the winter window, but a move never materialised.
Speaking to Onze Mundial in May, Malcom expressed disappointment at the deal not coming to anything saying: "There was interest (from PSG), discussions, unfortunately it did not settle. But I will continue to work. We will see what will happen in the future."
The 26-year-old has a contract that runs until 2027 in Russia, and recently received citizenship in the country meaning he could represent them having only ever featured in non-competitive matches for Brazil.
Liverpool targeting a right winger could be in response to the fact Salah will be away on Africa Cup of Nations duty with Egypt in January.
Egypt reached the final in the last edition in 2022, meaning Salah missed numerous weeks of action, and the same could happen again with Egypt likely to be one of the fancied nations at the tournament.
News has also emerged that Egypt's Under-23 manager Rogerio Micale wants Salah to represent the country at next summer's Olympic Games, meaning Salah could miss the opening weeks of next season.
As quoted in Ahram Online, Micale said: "I am doing my best to choose the young players who will participate in the upcoming Olympics, we still have one year to think of the matter and evaluate the situation, but for sure we welcome Salah... Salah is as significant as Neymar in Brazil."
Egypt attempted to call Salah up for the Tokyo Olympics in 2021, but given it is not a FIFA-sanctioned tournament, Liverpool were allowed to block his call up, and could do so again as they will already lose him for at least a couple of weeks during the 2023-24 campaign.