The 22-year-old Spaniard has been on the Reds’ radar for some time, with rumours suggesting that they have been planning moves for his signature on multiple occasions over the course of the past few years.
Despite being highly-rated at Barca, Tello has struggled to make a major impact at the club since making his breakthrough in 2011/12.
This season he has found himself behind the likes of Lionel Messi, Alexis Sanchez, Pedro and Neymar, with only two of his La Liga appearances so far having not come from the bench.
Should Barcelona have their transfer ban suspended for long enough to do some business this summer, Tello could be free to leave for around £8m.
A meeting between the player and sporting director Andoni Zubizarreta is scheduled, in which the youngster is likely to be told that he is free to move on.
Liverpool are not the only side interested in the versatile forward, with AC Milan rumoured to be watching the situation.