The Reds are believed to be deciding between Asian tour involving Australia or a visit to the USA for their pre-season excursion, according to the Sydney Morning Herald.
The Premier League giants attracted 95,000-plus fans to Melbourne's premier sporting stadium for the match against Victory in 2013 - which finished 2-0 in favour of the visitors with goals from Steven Gerrard and Iago Aspas.
Negotiations between Liverpool, a private promoter and the Victorian government have been ongoing for some time, with the preferred date for the match being in May - after the A-League grand final on the 18th of the month.
Being a year without a World Cup, it's understood July has also been mentioned as a possible time for the match.
Liverpool is currently first in the Premier League as they look to win their 19th English top-flight title, while they still remain in contention to go deep in the Champions League.
Brazilian stars Roberto Firmino, Alisson and Fabinho would also likely be absent because of Copa America duties.