Dream signing's move collapses: Is a top Premier League club now going all in for Cologne's Said El Mala?

According to consistent media reports, Paris Saint-Germain are in pole position to sign Diomande, with an agreement between the French club and the player reportedly already in place.

Should the Ivorian's move to Paris go ahead, Liverpool would have to look for alternatives on the transfer market. El Mala is reportedly the next candidate on their shortlist.

For El Mala, a move to England would mark the next step in his rapid ascent. After transferring from Viktoria Köln to their bigger neighbours last summer, the 19-year-old winger quickly became a key player and fan favourite at Effzeh, scoring 13 goals and providing five assists in the Bundesliga last term. 

Only recently, a move to Brentford FC collapsed at the eleventh hour when the youngster turned down a lucrative contract, even though the Cologne hierarchy had been prepared to grant him a transfer.

Financially, the Bundesliga club holds the upper hand: the youngster's contract runs until 2030 and contains no release clause. Sporting director Thomas Kessler has set a clear bottom line—at least €50 million for the attacking gem.

Alongside the cash-rich clubs from England, Borussia Dortmund are also continuing to show interest. With Brighton & Hove Albion having withdrawn from the race, BVB are now considered the frontrunners in Germany. 

However, according to Express, the Black and Yellows are not prepared to pay the full 50 million euros up front. Instead, sources close to the club are exploring a creative structure to sweeten the deal for Cologne.

However, Liverpool could now throw a spanner in the works by making a swift, serious move.