Sky Sports revealed earlier this week an unnamed Premier League club had tabled a bid for Atsu and it is understood that Liverpool are the team in question.
Talks are thought to be continuing between the Reds and Porto as Brendan Rodgers' side look to win the race for the Ghana international.
However, Liverpool could face competition from Premier League rivals Everton and Arsenal for the highly-rated attacker.
Everton are thought be interested in Atsu especially if current Porto boss Vitor Pereira replaces David Moyes at Goodison Park, while Arsenal are also keeping tabs on the African's situation.
Atsu has found himself out of favour at Porto in recent months after refusing to sign a new deal at Estadio do Dragao.
The 21-year-old, who sees his current contract expire next summer, has continually rejected offers to extend his deal due to Porto's insistence to try and increase his release clause to €30m (£24million).
Atsu, who has previously expressed his desire to play in England, is expected to make a decision on his future once he plays for Ghana in their upcoming games against Kenya, Sudan and Lesotho next month.