The Reds have managed to secure contract extensions for most of the squad over the last two seasons, leaving just two players out of contract this coming summer: Lallana and right-back Nathaniel Clyne.
Both are expected to depart in search of more regular action, with Clyne not part of the team as well as being sidelined with a long-term injury, and Lallana a squad member for Jurgen Klopp, but not a starter.
But it’s Lallana who might be most in demand, with his skillset not forgotten by those further down the league table and his status as a free transfer making him an appealing option.
Leading the pack at this stage appears to be Leicester City, with manager Brendan Rodgers the one who brought Lallana to Liverpool in the first place.
Klopp has suggested throughout the season that his No. 20 would have a bigger role to play as the campaign went on, but absences have continually scuppered that plan.
Most recently, Lallana missed three games with a virus, while the emergence of Curtis Jones over the past few months could push the veteran even further down the list as an attacking midfielder or wide option off the bench.
Part of this season has seen Lallana filling in as the deepest midfielder of the three, but even there Liverpool have surprising depth: Fabinho first choice, Jordan Henderson the alternate, Gini Wijnaldum more than capable and Pedro Chirivella having excelled when given chances in the cups this term.
Lallana has thus been reduced to just 754 minutes on the pitch this term, with less than 350 minutes coming spread across 13 appearances in the league.
His highlight of the campaign so far was undoubtedly the equaliser at Old Trafford, which has kept Liverpool’s unbeaten run for the Premier League season going, but his attacking output has been greatly reduced over the last few seasons.
As he turns 32 at the end of the season, it’s clear Lallana will want another couple of seasons playing as much as possible as he enters the veteran stage of his career, which he simply won’t get at Anfield now.
Leicester, as a lesser rival of the Reds than Spurs and with a former manager in place who knows Lallana well, might be seen as the best option for him and a good fit as a creative midfielder in an attack-minded side.
He’ll also hope for better fortune on the fitness front than he has had during much of the last few seasons, which has further reduced his game time under Klopp.