The Premier League side, who currently sit eighth in the English top-flight standings following their 1-1 draw against Chelsea at Anfield on Wednesday night, has identified the Hoffenheim attacker as a potential transfer target ahead of the forthcoming 2016/17 campaign.
The 23-year-old, who has six international caps for his country and could feature for Germany at Euro 2016 later this year in France, has scored eight goals and provided 10 assists in 33 appearances in all competitions for the Bundesliga outfit this season.
Volland, who can also operate as a winger, reportedly has a release clause of £14.1m.
However the report also suggests that Jurgen Klopp’s Reds face competition from the likes of RB Leipzig, Wolfsburg and former club Borussia Dortmund for the striker’s services this summer.
Liverpool visit West Brom on the final day of the 2015/16 Premier League season on Sunday.