The Reds have experienced a frustrating summer, having failed to add to their squad ahead of Arne Slot's first season in charge.
Liverpool were hopeful that Real Sociedad midfielder Martin Zubimendi would become their first summer addition, but the Spain international has ultimately decided to stay put in La Liga.
While they are still on the hunt for a new number six, Liverpool are also open to bolstering their attacking options before the summer transfer deadline.
The Reds are long-term admirers of PSV's Bakayoko and are one of several clubs who have been linked with a potential move this summer.
Liverpool given Bakayoko boost
According to The Mirror, Liverpool have been given a boost in their bid to win the race for the Belgium international.
German club RB Leipzig were believed to be one of the contenders for Bakayoko's signature, but they are now likely to cool their interest after signing Antonio Nusa from Club Brugge in a £19m deal.
The Premier League giants could now have a clear path to pursue Bakayoko, who is said to be valued in the region of £40m.
Slot has reportedly identified Bakayoko as a potential successor to Mohamed Salah, with the Egyptian facing an uncertain future at Anfield.
The 32-year-old has entered the final year of his contract and continues to be linked with a move to the Saudi Pro League.
Bakayoko ready for big move
Bakayoko has previously indicated that he is open to a departure, but he is only prepared to leave PSV if there is an opportunity to join a major club.
"I'm not going for a mid-table Premier League team," Bakayoko told ESPN Netherlands. I will summarize it very briefly: I want to be able to become a champion, play the Champions League and play myself in the team."
Bakayoko enjoyed a successful 2023-24 campaign, scoring 14 goals and providing 14 assists in 48 competitive appearances, helping PSV win the Eredivisie title for the first time in six years.
The 21-year-old has already made a positive start to the new Eredivisie season, scoring the opener in Saturday's 5-1 victory over RKC Waalwijk.
Bakayoko has now scored 22 goals and provided 20 assists in 87 matches since graduating from the PSV academy setup.