Dybala, 24, is widely considered as one of the leading attackers in Europe based on exploits as a second-striker with the Serie A giants.
The Argentina international who only featured 22 minutes in their recent ill-fated 2018 FIFA World Cup has scored 68 times and registered 25 assists in 140 games since joining the club in 2015 from Palermo.
But with Ronaldo poised for a stunning £88m move to the Old Lady, Dybala could be made available in order to stay within the perimeters of financial fair play ruling - which recently saw AC Milan banned from Europe.
According to the Daily Mail and Tutto Mercato, Jurgen Klopp's side have already contacted the Italian club over their asking price if he is made available for transfer during this off-season.