Liverpool are planning to activate an extension clause in Dejan Lovren's contract which will keep him at the club until the summer of 2022.
The defender has just one year remaining on his current deal at Anfield but Liverpool will take up an option to extend his contract for another season, if he remains at the club at the end of the summer transfer window.
Reports claim Zenit St Petersburg are interested in the Croatia international but are yet to contact Liverpool over a possible deal.
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Lovren has made 185 appearances for Liverpool since joining from Southampton in 2014 - winning both the Champions League and Premier League under Jurgen Klopp.
However, the 31-year-old has found his first-team opportunities limited in recent seasons, with Virgil van Dijk, Joe Gomez and Joel Matip largely preferred in central defence.
Earlier this season, Lovren admitted he was frustrated at his lack of game time and believed he could continue his professional career for five more years.
"I'm patient. I'm working behind closed doors a lot and sometimes it is frustrating when you don't play," he said.
"You are fighting with yourself in your mind, asking 'Why not?' But you are accepting it, you are moving on and from my personal point of view, I want to be better every day in the training sessions.
"The day will come when I will get again the chance so I am happy that I am not injured - which is the most important thing - and I'm also happy that we are all together and we have a full squad at the moment.
"Of course I want to be in the team that wins many trophies. I think, and I feel, that I have quite a lot of years to give especially in professional football. I'm 30, so another good five years.
"I don't think I'm just a throwaway. If the club needs me I am here, I am happy. But you never know what can happen in the summer. At the moment I am just focused on the point where I can say I made it [as part of a great team]."