The Serbian international has emerged as one of Europe’s top young talents in recent seasons on the back of some excellent displays for the Lisbon giants and his former club Partizan Belgrade.
His performances have seen Chelsea track his development for some time, but now Liverpool are also in the battle for the 20-year-old.
Despite him having only joined Benfica last summer, there is already talk that Markovic could leave the Europa League runners-up if an offer of £30m is lodged.
Although neither of the Premier League heavyweights are keen to go so high, there is speculation that an attractive bid of below such a figure may be accepted for financial reasons.
The youngster is most comfortable on the wing where he has a tendency to drift inside, but he has also been used in a central role in the past.
Chelsea have a solid relationship with Benfica after conducting a series of deals with them through recent years – Nemanja Matic was the latest star to move between the clubs – and may use this to aid a deal.
Liverpool are also keen, with Brendan Rodgers said to have significant funds at his disposal to prepare for Champions League football.