To the dismay of supporters, the Reds ended the January transfer window with just one new signing to their name, bringing in Cody Gakpo from PSV Eindhoven for £44m.
Liverpool once again decided against splashing the cash on a big-name midfielder, but Jurgen Klopp has overseen a dramatic downturn in fortunes this season.
Amid injuries to key players in Diogo Jota, Luis Diaz, Roberto Firmino and Virgil van Dijk, the Reds have failed to win any of their four Premier League games so far in 2023 and find themselves 10th in the table as a result.
Uncertainty surrounding the club's ownership is not helping matters, as Fenway Sports Group seek out new investment, while sporting director Julian Ward is to step down at the end of the season.
It had been claimed that events upstairs would not impact Liverpool's business in the transfer window, and the Reds are expected to be heavily active in the summer.
According to AS - via TEAMTalk - the Reds have their eye on Athletic pairing Williams and Sancet, who were also on the radar of Aston Villa during the January transfer window.
Williams - the brother of fellow Athletic attacker Inaki Williams - has come through the Basque club's youth system to score nine goals and set up seven more in 67 games across all tournaments.
The 20-year-old has six goals and six assists under his belt from 25 matches in the current campaign, starting 19 La Liga games, although he is without a goal in the top flight since September.
A member of Spain's World Cup squad, Williams played all four games for La Roja in Qatar - starting in their 2-1 group defeat to Japan - and his contract with Athletic only runs until the summer of 2024.
However, the La Liga side are protected by a €50m (£44.6m) release clause in his deal, and they will demand that the fee is paid in full if they are to sanction a sale.
Meanwhile, Sancet has made a name for himself in the Athletic XI this term with seven goals from 20 La Liga outings, while largely operating as a central midfielder.
Also capable of playing in an advanced role, the 22-year-old scored a hat-trick in Friday's 4-1 thumping of Cadiz, and as is the case with Williams, his deal also expires at the end of next season.
Nevertheless, Athletic are still said to be confident of tying both players down to new contracts, although a lucrative offer from the Premier League could lead to a change of heart.
Liverpool could lose all of Naby Keita, James Milner, Alex Oxlade-Chamberlain and Firmino on free transfers at the end of the season, but the latter is understood to be on the verge of signing an extension.