The Dutchman completed a €9m switch from German side Hamburg in 2011 but has failed to fit into the setup of the Serie A club.
Elia has made just one league start since coming to the Juventus Stadium and just ten appearances overall.
Liverpool are likely to see Dirk Kuyt head for the Anfield exit in July and despite a prolific goalscoring ratio, Maxi Rodriguez is also said to be on the Reds’ chopping block.
To add to their misery, Stewart Downing hasn’t quite hit the heights expected of him following his £20m transfer last summer and Liverpool have been linked with numerous wide men in recent months including Adam Johnson, Aaron Lennon and Theo Walcott.
Elia is a Holland international since making his debut in 2009 and last featured under Bert van Marwijk in October of last year.
The 25 year-old isn’t assured a spot in the Netherlands Euro 2012 squad due to his lack of playing time but could put his name back on the map should he feature in the tournament.
As a result, Liverpool would be smart to wrap up the signature of the speedster sooner rather than later, lest they risk his price-tag escalating should he impress in Poland and Ukraine.
Juventus look set to seal the 2011-12 Scudetto title andare looking to offload a number of fringe players at the end of the current season as they look to improve in preparation for the next campaign.
Elia certainly wouldn’t be worth the €9m that the Old Lady paid for him last August and is expected to be available for a reduced fee of just £5m.
Despite his drop in game time, the winger proved himself to be a capable asset during his time in the Eredivisie and Bundesliga and could shine once more if he can revive his best form in the Premier League.