The classy attacking midfielder has been one of the Premier League’s standout performers this season on the South Coast, with his fine displays having earned him an international debut and put him into contention for England’s World Cup squad.
As well as Roy Hodgson, it appears that Brendan Rodgers and Jose Mourinho have been impressed by the 25-year-old, prompting talk of swoops when the transfer window opens.
Lallana is contracted to Southampton until 2018, but both outfits are confident that the lure of Champions League football could be enough to tempt him away from his boyhood club.
As well as Liverpool and Chelsea, Tottenham and Manchester United are also keen, but a likely lack of top-level European action for both may leave them in the wake of their rivals.
The Hampshire outfit are reluctant to sell any of their star performers, but are thought to be ready to entertain offers of around £20m if Lallana shows and eagerness to leave.
After impressing during his three England outings so far, the creative midfielder is expected to make the 23-man cut for the World Cup later this year.
As well as Lallana, Southampton may face battles to keep Jay Rodriguez, Luke Shaw and Morgan Schneiderlin.