The Reds were very quiet yesterday on the transfer front, with outgoings the only business taking place at Anfield following a productive summer for Brendan Rodgers.
A new goalie to challenge Simon Mignolet was one area they did however fail to address during the window, even though Argentine international Sergio Romero was a rumoured target.
But, they could yet make an addition in the shape of Valdes, who is still available due to being a free agent.
The stopper was released by Barcelona earlier this summer after running his contract down, and was expected to join Monaco.
But the Ligue 1 giants pulled the plug on the deal after he suffered a knee injury, leaving the Spaniard in the football wilderness.
Liverpool are discussing a contract with the 32-year-old, with reports suggesting that an announcement could be made in the coming days.
Valdes – who has won just about every prize at club and international level – is unlikely to be fit again until the very end of this year, but is still seen as a wise signing by Rodgers.