Alexander-Arnold's contract at Anfield is due to expire next summer, and there is currently a host of speculation surrounding the 25-year-old's future, with Real Madrid said to be keen to sign him.
As it stands, the England international would be free to enter into talks with foreign clubs in January with a view to agreeing a pre-contract to move next year.
According to Football Insider, Liverpool are preparing for the possibility of Alexander-Arnold leaving, and Frimpong has been identified as a potential replacement for the right-back.
The report claims that the Reds have a long-term interest in Frimpong, who has also recently been linked with both Manchester United and Manchester City.
Liverpool 'keen' on Leverkusen defender Frimpong
The 23-year-old has scored 26 goals and registered 36 assists in 149 appearances for Leverkusen since making the move to the German giants from Celtic in January 2021.
Frimpong had an outstanding 2023-24 campaign as Leverkusen won the Bundesliga and the German Cup, scoring 14 goals and registering 12 assists in 47 appearances.
The Netherlands international has also been in strong form at the start of this season, managing one goal and four assists in seven outings in all competitions.
Frimpong signed a contract extension in October 2023, with his current deal due to run until June 2028, but there is a belief that the ex-Man City youngster could return to English football sooner rather than later.
How likely is it that Alexander-Arnold will leave Liverpool?
If Real Madrid make a strong play for Alexander-Arnold, then it will be tough for him to turn down a move to Bernabeu, as he would receive a healthy signing-on fee and significant wages at the club.
The chance to operate alongside the likes of Jude Bellingham, Vinicius Junior and Kylian Mbappe will surely be appealing, but the defender recently insisted that his ambition is to captain Liverpool.
"I have always said I want to captain the club, that is an aim of mine and a goal of mine, (but) whether that happens is out of my hands," he told the Liverpool Echo.
"Look, I have been at the club 20 years now, I have signed four or five contract extensions and none of those have been played out in public. And this one won't be either. I want to be a Liverpool player this season (as a minimum) is what I will say."
Alexander-Arnold has provided an incredible 83 assists in his 316 matches for Liverpool, also scoring 19 times, but it remains to be seen whether he is still at the club beyond the end of the current campaign.