The Serbian moved to Merseyside from Benfica in 2014, but has made just 34 appearances for the club since, scoring three goals and laying on one assist.
Since his first campaign with Liverpool in 2014/15, Markovic has spent temporary spells with Fenerbahce, Sporting CP and, most recently, Hull City.
There, he showed signs of promise under Marco Silva, who has since made the switch to Watford following the Tigers’ relegation to the Championship.
And according to the Telegraph, Markovic is “most likely” to rejoin the Portuguese this summer, with the 23-year-old tipped for another loan.
However, “that may not go through until deadline day as Liverpool would prefer to sell the Serbian international.”
Meanwhile ESPN FC’s Glenn Price claims that Markovic’s former club, Partizan Belgrade, are also interested in a loan.
Elsewhere, Zenit St Petersburg, Galatasaray, Besiktas, Hull and Leicester City have all been credited with an interest in signing Markovic throughout the summer.
Fiorentina were even reported to be closing in on a £16 million deal for the winger, but the Serie A side ultimately baulked at the asking price.
Liverpool’s options have clearly diminished as the summer has worn on, no doubt owing to the fact that Markovic played just 2,937 minutes of senior football in the past two years.
With his contract set to expire in 2019, the Reds’ ability to negotiate a sale will only weaken.
Another player set to leave the Reds on loan this summer is Brazilian midfielder Allan Rodrigues.
The 20-year-old joined Liverpool from Internacional in 2015, but has been unable to play for his parent club due to work permit issues, instead spending time away on loan.
Firstly, this came with SJK in Finland, then Sint-Truiden in Belgium and then Hertha Berlin in Germany, but he is yet to play enough first-team football to be qualify under the FA.
The hope was that Allan would remain with Hertha for another season, developing into a key player under Pal Dardai, but they were unwilling to agree to Liverpool’s terms.
As a result, the Liverpool Echo report that Allan is set to join a Primeira Liga club in Portugal before Thursday night.