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Published 20:12 30 Jan 2017 GMT
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The Premier League leaders have reportedly been made aware of Celtic's valuation of Dembele, who joined the club from Fulham last summer after his contract expired.
Celtic only had to pay £500,000 compensation for the 20-year-old, so they would make a significant profit on the player if they agree to the sale.
Dembele has been in brilliant form since joining the Scottish Champions. The French striker has scored 20 goals in 38 appearances, including two goals against Manchester City.
Last month, Brendan Rodgers dismissed suggestions the club would sell Dembele in the January window, but conceded the time may come when the player joins a Premier League team.
"No, I don't think it will be January," the Celtic manager said.
"At Celtic, you know how it is. We know how it is. If we get a really talented player there’s probably a cycle of a couple of years with them. "You look at [Victor] Wanyama, Virgil van Dijk, Ki [Sung-yueng]. They come up here and it’s a great platform for them to demonstrate their qualities but then the likelihood is they get a better offer, financially, and they move down south. "With Moussa, I think that was always going to be the case."Rodgers' stance is unlikely to have changed, but the club could be tempted by such a large offer.

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