Following the news that Philippe Coutinho will join La Liga pacesetters Barcelona, there is a vacancy in the 'Fab Four', leading to speculation that the 'Reds' would move for either Mahrez or Lemar, however 'Sky Sports' claims that is not the case.
It had been suggested that the Anfield-based side were closing in on a £50m move for the Algerian, but the aforementioned source states that there has been no contact between Liverpool and the player's current club Leicester.
Mahrez rose to prominence after playing a key role in helping the 'Foxes' to a shock Premier League title win in 2016, but it appears that suggestions he is set for a move are incorrect.
Similarly, any move for France international Lemar will not be moved forward despite Coutinho's departure, with Monaco unwilling to let the 22-year-old leave until the summer.
Lemar was a key part of the Monaco side that won the Ligue 1 title and impressed in the Champions League last season but is thought to be open to a move after seeing many of the club's big-names jump ship last summer.
However, the Monegasque side are not prepared to allow their star to leave the club in January, with boss Leonardo Jardim saying that the club is "not in the habit of making big sales in the winter."
The search continues for Liverpool.