The 25-year-old - who has previously been linked with Arsenal - has made more than 100 league appearances for the Stadio Olimpico outfit since making his debut in 2002, scoring nine times.
And with Liverpool confirming on Monday that they are in talks with the Madridistas over the sale of Spanish international Alonso, Anfield boss Rafael Benitez is believed to be eyeing up the Italian, who has 11 caps for the Azzurri, as a replacement.
Despite Italian daily La Gazzetta dello Sport reporting last month that Benitez was weighing up an €18 million bid for the middle-man, Aquilani's agent Franco Zavaglia insisted the player was going no where.
However, according to Spanish daily Marca, the Reds will soon complete a £15.3 million deal for the Italian playmaker, who is currently recovering from recently undertaken ankle surgery.
While Sky Sport Italia believe Aquilani will sign a four year deal worth €4 million per season, once Alonso's switch to the Bernabeu is rubber-stamped.
NEWS: Giannini - Aquilani perfect for Liverpool
NEWS: Liverpool in talks over Aquilani acquisition
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