The Premier League side, who visit Arsenal on the opening weekend of the new 2016/17 English top-flight campaign in three weeks times, have been linked with the PSV Eindhoven left-back.
The 22-year-old, who has 20 international caps for his country, scored two goals and provided four assists in 19 appearances in all competitions for the Eredivisie outfit last season.
Willems, who began his professional career at Dutch rivals Sparta Rotterdam, is wanted by Reds boss Jurgen Klopp as he seeks competition for fellow full-back Alberto Moreno at Anfield next term.
The report suggests that PSV value the defender at around £10.8m. Liverpool have already completed one deal for a Netherlands international earlier this week, sealing the £25m coup of Newcastle United midfielder Georginio Wijnaldum.