Liverpool would have to cough up roughly £28m in wages on a four-year deal at £135,000 a week — but face competition from both Milan clubs.
A source close to Eto’o told The Sun: “Benitez likes Samuel a lot. Everything is possible for this summer. It will depend on Barcelona’s results as well if they decide to buy David Villa.
“Eto’o is not a player to sit on the bench.”
After a couple of injury-hit seasons Eto’o, 28, is top scorer in La Liga with 25 goals in 25 starts.
The Cameroon striker would normally cost around £35m but crucially for Liverpool has got only one year left on his deal.