Manager Jurgen Klopp has seen his options at the start of the new campaign reduced by a crippling injury crisis that has left him without Jordan Henderson, Thiago Alcantara, Curtis Jones, Alex Oxlade-Chamberlain and Naby Keita at various stages since the new campaign began.
There has been no investment in the Reds' midfield for the past 18 months, with the only change made on the deadline day for the transfer window, when Arthur Melo was signed from Juventus on a season-long loan deal.
According to O Jogo, Liverpool are interested in Argentine international Fernandez and have not ruled out a move for the 21-year-old in the short to medium term, despite him only being transferred from River Plate this summer.
This is despite the player having a reported release clause of €120 million, according to the Portuguese channel.