Liverpool reshaped their squad significantly during the summer after Andoni Iraola replaced Arne Slot as head coach.
Mohamed Salah departed, while Bradley Barcola arrived from Paris Saint-Germain in a deal worth up to £123 million.
The Reds also added Jeremy Jacquet, Victor Munoz and Ronald Araujo as Iraola began rebuilding the squad.
Liverpool have since made an unbeaten start across their opening Premier League and Champions League fixtures.
AC Milan also changed direction during the summer after appointing Ruben Amorim as their new manager.
The Rossoneri signed Goncalo Ramos for €74 million and also added Diego Moreira, Mario Gila and Omari Hutchinson.
However, the Italian club are already considering another attacking addition ahead of the January transfer window.
According to Tribal Football, Liverpool and AC Milan are both interested in signing Real Madrid forward Endrick on loan.
Liverpool previously approached Madrid over a season-long loan for the 20-year-old during the summer.
Real Madrid rejected that proposal because Jose Mourinho wanted to assess Endrick once he returned from injury.
The Brazilian spent the second half of last season on loan at Lyon after struggling for regular minutes in Madrid.
He scored eight goals and supplied eight assists across 21 appearances during his spell in France.
Endrick is expected to return to competitive action in October, with his opportunities then likely to shape Madrid’s January decision.
Liverpool remain open to revisiting a loan move if Real Madrid soften their stance during the winter window.
However, AC Milan have now joined the race and could offer Endrick another route away from the Spanish club.
Milan are considering a January loan after Rafael Leao’s departure created additional attacking space in Amorim’s squad.
Real Madrid have not yet decided to sanction another temporary move.
Liverpool and Milan must therefore wait to see whether Endrick’s playing time changes the club’s position before January.
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