The Argentine has enjoyed a fantastic break out season at Palermo this term, notching a staggering 13 goals in 28 Serie A showing for the newly-promoted side.
Naturally, his form has alerted a host of top clubs, with Arsenal, Chelsea and Manchester United believed to be interested in him.
However, Liverpool are now also in the race.
The outcome of the saga is likely to hinge on the future of Raheem Sterling, with Dybala a potential replacement for the unsettled England international.
Dybala is a razor-sharp centre-forward who has been praised for his clever movement, pace and finishing ability.
He can also play from wide, but is most comfortable as an orthodox striker and has a wicked left-foot.