Van Dijk, 33, is one of three key Liverpool players who are out of contract at the end of the season, alongside Trent Alexander-Arnold and Mohamed Salah.
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According to Spanish outlet Relevo, Arne Slot’s side are planning for a future without their current captain, and are interested in Araujo, 26.
The report adds that Araujo has a release clause at Barcelona valid until July 15, with multiple sources indicating he could be available for either €65 million (£55.3m) or €75 million (£63.8m).
Araujo came close to joining Juventus in January but the deal fell through and he is expected to leave in the summer.