Valencia have confirmed Liverpool are interested in their veteran Argentinian defender Mauricio Pellegrino.
A move to the Reds would reunite the 33-year-old with Rafael Benitez, his former coach at Valencia before he left Spain to take the reins at Anfield in the summer.
Valencia director Manuel Llorente said: "Pellegrino's agent has told us Liverpool are interested in the player but the move has yet to materialise. The player has a contract until June but we have agreed with Pellegrino to allow him to field offers from other clubs and will allow him to leave on a free transfer."
Pellegrino joined Valencia in 1999 after playing for Barcelona and helped them reach back-to-back finals in the Champions League under Hector Cuper in 2000 and 2001.
Pellegrino was also a member of the Spanish title-winning sides of 2002 and 2004, a year which included a UEFA Cup final triumph over Marseille.
Meanwhile, Rangers have opened negotiations with Liverpool defender Stephane Henchoz over a possible move to Ibrox.
The Switzerland international is out of favour at Anfield and could follow former team-mate Gregory Vignal to Glasgow. The 30-year-old is looking for the security of a long-term deal.
