Liverpool are reportedly looking to sign Bolton defender Gary Cahill in addition to Newcastle full-back Jose Enrique.
Reds boss Kenny Dalglish has already spent more than £40million this summer on midfield trio Jordan Henderson, Charlie Adam and Stewart Downing and is set to re-enter the market before the start of the new Premier League season.
As reported on Thursday morning, Southampton teenager Alex Oxlade-Chamberlain is on the club's radar (see below).
But according to the Daily Mail, Dalglish is also keen on signing the two defensive targets before the new campaign kicks off a week on Saturday.
25-year-old Enrique, who has also been linked with a move to Arsenal, has been on Dalglish's radar for most of 2011, with a move widely expected for some time.
But until now, Arsenal and Chelsea were both believed to be leading the race to sign Bolton centre-back Cahill.
Bolton value the England international at around £17m and should Liverpool sign both him and Enrique, their summer spending would likely pass the £65m mark.
That comes after the club spent over £55m last January on Andy Carroll and Luis Suarez.
Dalglish has been keen to praise the club's owners for backing him in the transfer market this year.
He said: "Spending money does not guarantee you success. [But] I don’t know of any football club that has ever had success that has not spent money. So it is necessary.
"But it’s even more important to spend it wisely. We’ve acted responsibly in the transfer market and we’ve also acted responsibly and respectfully with the owners, who have been fantastically supportive during the window.
"If there is a better owner that is as supportive as John W Henry, then they have done very well for themselves because he’s fantastically supportive, a genuinely good fella.
"He cares passionately about the football club and he wants it to go in the right direction.
"I never had any doubts (about Henry’s credentials), so you need to ask the people who had the doubts."
Bolton manager Owen Coyle last week revealed he was yet to receive any offers for Cahill, despite the reported interest from Arsenal and Chelsea.