The rumour makes it on to the front page of Italian daily La Gazzetta dello Sport which claims that the Reds have already made contact with Inter Milan and Sneijder about a possible move.
Liverpool feel they could nab the 28-year-old Dutch midfielder for a cut price £9.5 million and Inter may be willing to sell at that price to get Sneijder's massive £200,000-a-week wage packet off the books.
However, those same wages could ultimately be the stumbling block for Liverpool, who would have to shatter their wage structure to bring in Sneijder even though Gazzetta claims Liverpool's American owners are keen to revive the club's glory days.
Sneijder is believed to want a move to Manchester United, but while Sir Alex Ferguson is a known admirer of the star, the Scot has already said he has no plans to sign anyone in January.
Other clubs linked with Sneijder include Tottenham, Schalke, PSG and Anzhi with the latter two the only sides out of that quartet who would likely be able to match Sneijder's current salary.
Sneijder told Dutch newspaper De Telegraaf over Christmas: "Clearly it’s better for everyone if I leave in January.
"If that doesn’t happen, then I will stay. I have a contract until the end of June 2015 with Inter."
Sunday's British papers are always good for some tittle-tattle. The Sunday Mirror claims that Real Madrid are planning a £33 million bid for Tottenham's Gareth Bale but will be told by Spurs chairman Daniel Levy they will need to cough up £60m for the Welsh wizard despite the 'special agreement' between the two clubs.
LA Galaxy have identified Frank Lampard as the 'new Beckham' and are willing to offer the Chelsea star the same wage they paid out to Becks to move to the US.
The England midfielder could earn $6.5million a year — equal to £4million — plus a potential $1million (£619,000) in merchandise sales. (The Sun)
Manchester City are looking around Europe to sign a top quality defender to act as a reliable partner for Vincent Kompany, according to the Times.
"City’s scouting list includes Borussia Dortmund’s central defensive pair of Mats Hummels, a Germany international, and Neven Subotic, who plays for Serbia. They are also looking at Nicolas N’Koulou of Olympique Marseilles," reports the paper.
The Mail on Sunday also says City could move for Stoke's Ryan Showcross who may be sold in the transfer window if he doesn’t sign a six-year deal offered recently.
Chelsea are confident they have won the £40m race for Colombian star Radamel Falcao ahead of Inter Milan and Bayern Munich as they can offer wages in excess of £150,000-a-week to the Atletico Madrid goal machine. (Sunday Mirror).
A bargaining tool for Chelsea could be goalie Thibaut Courtois. The 20-year-old was signed by Chelsea from Belgian club Genk for £5m last year and immediately loaned out to Atletico. Atletico may ask for him as part of any deal involving Falcao - with Courtois valued at £10m.
Real Madrid and Paris Saint-Germain will this week open talks with Ashley Cole about a summer move. But Cole may decide to keep his options open, with his Chelsea contract due to expire at the end of the season and Manchester City and Manchester United monitoring the situation. (Sunday Mirror)
Real are also keen on Manchester United goalkeeper David De Gea and will bid £22 million for the 22-year-old in the summer. (The Sun)
Sir Alex Ferguson has slammed the door on Arsenal’s hopes of signing Nani in the January transfer window. The Portuguese winger has been strongly tipped for a move to the Emirates but Ferguson said: “We won’t be letting him go.” (The Times)
Finally, Norwich manager Chris Hughton will go back for £3m Brighton striker Craig Mackail-Smith after missing out on him in the summer. (Mail on Sunday)