Banega was a target for former Reds boss Rafa Benitez and the club's interest has been maintained, despite the arrival of Roy Hodgson.
Financial difficulties at Valencia have seen several stars leave this summer, with David Villa and David Silva two high-profile examples.
The situation means that any player could leave the club, should an acceptable offer be made, and Liverpool could test the water this summer with a fee in the region of £10 million.
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