Dembele, off contract in June, is being linked with the Reds.
And McManaman told horseracing.net: "If they could get him on a free contract and get the deal sorted then I don't think there's any problem with that. His wage demands would have to come under the structure of what Liverpool would like to pay but due to the fact he would be a free signing and the player knows Jurgen Klopp personally, then it could be a smart piece of business.
"Liverpool will do their due diligence on him and whether they take that punt or not is another thing.
"However, a really talented player available on a free transfer is certainly worth a risk."
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