The Reds are reportedly tracking Barcola as a replacement for the departed Mohamed Salah, with Reds boss Andoni Iraola focused on landing another wide attacker, after already bringing in Victor Munoz from Osasuna.
The main issue has been PSG's rumoured £100M valuation, which is above what Liverpool are willing to pay, on the back of Barcola scoring three goals in eight games for France at the 2026 FIFA World Cup.
Liverpool are the only team to formally flag up an interest in signing Barcola and reports from French outlet L'Equipe claim the 23-year-old has now rejected PSG's latest contract extension offer.
His current deal runs until 2028 at the Parc des Princes, and despite PSG's keenness to retain him, Liverpool can now step up the chase with an expected £90M bid.