Arne Slot's side are one of a number of clubs including Premier League duo Chelsea and Tottenham Hotspur who are said to be monitoring the 20-year-old's development in Germany.
Bynoe-Gittens followed in the footsteps of English talents including Jude Bellingham and Jadon Sancho by moving to Dortmund in 2020 and the former Manchester City academy star has since developed into a first-team player for the Bundesliga club.
After having his minutes restricted in 2021 and 2022 due to injury, Bynoe-Gittens played 34 times for Dortmund across all competitions last season, chipping in with two goals and eight assists.
The England Under-21 international has since made a bright start to the new campaign, scoring five goals and registering three assists in 11 matches, including three goals in as many games in the Champions League.
Liverpool to splash the cash on Bynoe-Gittens?
Bynoe-Gittens netted a brace during a 22-minute substitute appearance in a 3-0 Champion League win over Club Brugge last month, before scoring a memorable goal at the Santiago Bernabeu - breaking a new record in the process - in Dortmund's 5-2 defeat to Real Madrid on Tuesday.
Dortmund's No.43 is under contract at Westfalenstadion until the summer of 2028, but the London-born winger continues to be linked with a possible return to his homeland.
Recent reports have suggested that Dortmund value Bynoe-Gittens between £40m and £50m, but Bild claim that they have in fact set their asking price at €100m (£83m) should teams make a bid for the youngster either in January or next summer.
The same report adds that Liverpool are preparing a 'strong offer' for Bynoe-Gittens, but they will face competition for his signature from 'financially strong' duo Chelsea and Tottenham.
Could Bynoe-Gittens replace Salah at Liverpool?
Liverpool's reported interest in Bynoe-Gittens comes at a time when the long-term future of club legend Mohamed Salah remains uncertain.
The 32-year-old attacker has entered the final year of his contract at Anfield and has continuously been linked with a big money move to Saudi Arabia.
Earlier this season, Salah suggested that this would be his "last year" at Liverpool after revealing that "nobody has talked to him" about a new deal.
However, it is understood that the Merseyside giants are set to open contracts talks with Salah 'soon', but the Egyptian will only be prepared to pen fresh terms if he receives a three-year offer.
Salah has spent the last seven years at Liverpool and has contributed with 218 goals and 96 assists in 361 appearances for the club across all competitions, winning a total of seven trophies.