The Reds have been linked with a shock move for the Italian ace in recent days, with Brendan Rodgers thought to be keen to lure him to Merseyside.
El Shaarawy is thought of as one of Serie A’s finest young players, and has been talked of as a potential future Milan hero in the past.
But, his immediate future is in doubt with the club not seeing him as an immediate starter as it stands.
Liverpool are keen to take advantage of the situation, but will have to fight off interest from French giants Monaco.
The principality-based side are now one of Europe’s heavyweights in the transfer market thanks to the backing of Russian oligarch Dmitry Rybolovlev.
The Mediterranean side blew in excess of £150m over the summer to mark their return to Ligue 1, but are still keen to spend further.
El Shaarawy is now one of their top targets as they look to build a side capable of matching Qatari-backed rivals Paris Saint-Germain.
Should Liverpool spend big for Stephan El Shaarawy?
Tell us what you think below!