Belgian winger has been pushing for a move to Borussia Dortmund, but Liverpool and Arsenal are also on alert.
Jurgen Klopp and Unai Emery are ready to pounce for Thorgan Hazard.
The Belgium winger, brother of Chelsea star Eden, has been pushing for a move to Borussia Dortmund this summer in a £35million switch.
But Liverpool and Arsenal are closely watching his situation and will look to hijack a deal with his club Borussia Monchengladbach if the German clubs cannot agree.
Hazard has been on Liverpool's radar after an impressive five season in Bundesliga.
The 26-year-old is seen at Anfield as a player who could bolster their attacking line ahead of another bid for Premier League title glory.
And Emery is a massive fan of the player who started in Chelsea's Academy before getting his start in senior football away from Stamford Bridge.
His January move for Denis Suarez has not been a success and he will look for a winger in the summer.
Hazard has revealed his desire to leave Borussia Monchengladbach at the end of the season.
Former Chelsea starlet Thorgan has become one of the Bundesliga's top attackers in recent years.
Gladbach sporting director Max Erbel admitted earlier this month: "We made our intentions to extend Thorgan's contract clear a while back now, but he hasn't reciprocated that interest."
Kartik-thereds
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May be he should try and sneak into Chelsea. We are quiet certain Hazard Sr might move to Madrid this summer and it would be perfect way to please Chelsea fans. I hve seen him play for Belgium nationals and he is one hell of a player. Yes, ofcrz he will have those huge shoe of his brother to fill but it would be a hell of a way to carry on with the Hazard legacy forward along with Chelsea! I know they have 2 transfer ban, but they are looking to put a stay as they have appeal to FIFA to push their transfer ban to next January and 2020/21 season! Hope they succed cuz it would be a disaster if Hazard leaves and along Christensen, Hudson-Odoi, Willian, Giroud and Cahill who all are linked with other clubs Whereas Liverpool is concern i dont mind if he joins us but we are linked with Brandt, another brilliant playmaker and a perfect number 10 abilities for replacement to Coutinho which we havnt found a replacement yet.