The Reds are one of a number of teams believed to be in a race to sign Bellingham next summer as they look to strengthen their midfield.
However, with Dortmund expected to set a huge asking price for the England midfielder and the likes of Real Madrid, Chelsea and Manchester City showing an interest, Liverpool are looking at other options in case they fail to secure Bellingham’s services.
According to The Mirror, the Reds are monitoring the progress of Musiala, and they could make a move to sign the Germany international if they miss out on the England international.
The 19-year-old is attracting interest from across Europe after scoring 22 goals and providing 13 assists in 90 appearances for Bayern.
Although, an imminent departure from the German champions appears to be unlikely after the club’s sporting director Hasan Salihamidzic claimed that the player was “not for sale”.
Musiala is under contract with the Bavarians until 2026, and he is set to appear at his first World Cup for Germany in November.