As per Corriere Dello Sport (via SportsMole), Liverpool have already asked Fiorentina about Milenkovic, and will have to pay around £30 million to sign the centre-back.
The Reds have been blighted by several injuries at the back this season and are expected to add more depth to their squad in the summer transfer window.
The trio of Joel Matip, Virgil van Dijk and Joe Gomez are unlikely to feature for the remainder of the season. Matip and Gomez have been pretty injury prone over the last few seasons, so the need to sign another centre-back is imperative.
Manchester United have also been linked with a swoop for Milenkovic, but it remains to be seen who will have the upper hand in the chase.
Milenkovic would be a long-term acquisition for Liverpool
It has perhaps been a season like no other, especially for Liverpool. The Reds have had terrible luck with injuries as the duo of Jordan Henderson and Fabinho, makeshift options for the injured centre-backs, also find themselves on the treatment table.
Jürgen Klopp’s side took a gamble last summer when they decided not to replace Dejan Lovren, and that has come back to bite them.
Winter signings Ozan Kabak and Ben Davies are yet to adjust to life in the Premier League, with the latter yet to make his full debut for Liverpool.
Nikola Milenkovic has put in some good displays for Fiorentina in Serie A this season and would be a long-term acquisition. The defender is still only 23, and has a long career ahead of him.
He is yet to hit his peak years and Liverpool will hope he does that at Anfield ahead of Old Trafford. However, should Liverpool fail to finish in the top four, signing Milenkovic could become harder.
Milenkovic has so far made 22 appearances in Serie A for Fiorentina this season and has managed two goals and one assist. La Viola may be struggling at the wrong end of the table, but Milenkovic has shone with some mature displays this season.