According to a report from Calciomercato, Liverpool want to sign the Swiss midfielder, with his contract at Borussia Monchengladbach expiring in 2022, as he decided against renewing the contract with the German side.
As a result, his situation has caught the attention of numerous top European clubs, including Liverpool.
Jurgen Klopp's side are showing a strong interest in Zakaria, and the two Italian clubs are facing very tough competition for his signature.
According to a report from Bild, Monchengladbach manager Adi Hutter has asked Max Eberl, the club's sporting director, to make some signing in the January transfer window, yet they need to urgently raise some funds before they are able to bring any new faces to the club.
The report claims that there are "several candidates" that could be sold to generate revenue, with Zakaria's name being included in the list, as failure to sell him on in January will lead to him leaving as a free agent in the summer.
Fabrizio Romano has also recently claimed (via Roro89F) that Bayern Munich are also considering making a move for Zakaria, along with Barcelona who are keeping an eye on him and other players that are set to become free agents.
Zakaria has struggled with injuries in recent seasons, but so far this season he has been a regular for Gladbach, making 13 appearances in all competitions, even getting two goals and an assist, being deployed as both a defensive midfielder and as a centre-back in Hutter's system.
With Gladbach being so keen to raise funds, it is very likely that he will end up being sold in the winter market, and the likeliest destinations seem to be either Merseyside, Rome or Turin.