The 22-year-old forward has been on the Reds’ radar for some time, with rumoured summer moves for his signature having ended in disappointment.
However, speculation now suggests that Brendan Rodgers could get his man on loan when the next transfer window opens.
The Spaniard has struggled for first-team minutes at the Nou Camp this season, and is believed to be desperate to gain more experience in a bid to further his fledgling career.
A six-month switch is said to be close to being sealed, which could see the Merseyside club beat domestic rivals Tottenham to the skilful youngster.
Barca have previously indicated that they wanted Tello to stay as cover for the first-team squad, but now it is thought that a compromise has been reached between the club and the player.
Rodgers is desperate to land fresh attacking names after being forced to field inexperienced academy product Brad Smith in a wide role against Chelsea on Sunday.