Liverpool are rumoured to have a slight edge over their old rivals - despite no formal transfer talks taking place at this stage - as the club plan for Virgil van Dijk's likely Anfield exit the end of the season.
Van Dijk's current contract expires in 2027, and Andoni Iraola is uncertain over whether he can be persuaded on a renewal on Merseyside, with Jeremy Jacquet and Giovanni Leoni still developing.
Liverpool have been monitoring Thiaw since March, but opted against a summer offer, following the belated arrival of Jacquet from Rennes - plus a season-long loan agreement on Barcelona's Ronald Araujo.
United are also monitoring the situation, ahead of key calls on the futures of Harry Maguire, Lisandro Martinez and Matthijs de Ligt, and the Red Devils are expected to prioritise defensive recruitment next summer.
However, despite the ongoing rumours, Newcastle are not looking to sell - as per Caught Offside.
The Germany international is contracted until 2029, and would reportedly command around £65-£70M, as he remains an important figure at St James’ Park since his arrival from AC Milan in August 2025.