Alonso, who has been tipped to replace the outgoing Jurgen Klopp later this year, has helped develop the 22-year-old into one of Europe's most talented young defenders.
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Hincapie has so far played 105 times for Leverkusen and is capable of operating at both left-back and centre-back.
Liverpool have struggled with major injuries in defence this season, with Trent Alexander-Arnold,Andy Robertson and Joel Matip just three players who have spent long periods on the sidelines.
According to HITC, the Merseysiders have been watching the defender for 'more than two years' with his stock continuing to rise.
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Alonso's Leverkusen still remain the only unbeaten team in Europe this term and have the likes of Florian Wirtz, Alejandro Grimaldo and Victor Boniface to thank for their stellar performances
Bayer Leverkusen star Piero Hincapie in action. (Image credit: Getty Images)
Under contract until 2027, it remains to be seen whether Liverpool sanction any transfers this summer, given finding a suitable replacement for Klopp continues to be the biggest talking point on Merseyside.
His agent Manuel Sierra, has also confirmed Liverpool's previous interest, stating how the hierarchy at the club instead opted to invest in the midfield.
Speaking to Bolavip, he said: "Liverpool were interested in him [Hincapeie], but at that time they chose to invest in the midfield.
"For January they are talking like other clubs, it will not be less than 50 million."
Bio: Matthew is a freelance journalist and has currently racked up bylines for Manchester United, Manchester Evening News, GOAL and SPORTbible to name a few. A long-term sufferer of Scunthorpe United, he currently resides in the north-west after escaping the smog of North Lincolnshire.
