The Serbian wide-man has emerged as one of Europe’s top talents on the back of a blistering season in Lisbon, and has been heavily linked with the Blues.
Chelsea are believed to have been weighing up a serious move for his signature over January, but now they may lose out to Liverpool.
Brendan Rodgers is set to kick major transfer plans into gear over the coming weeks, and has targeted the 20-year-old as he plans to beef up his forward line.
Markovic only joined Benfica from Partizan Belgrade last year, yet an offer of around £30m is likely to be enough to lure him away from Portugal.
The youngster was lauded last term for his ability to cut in from either flank, netting six goals during his side’s run to their domestic title and the Europa League Final.
Markovic is liable to jump at the chance to move to Anfield, with Liverpool able to offer him Champions League football and a genuine shot at Premier League honours.