Southampton are planning to reinvest a significant chunk of the £75m they received from Liverpool for Virgil van Dijk, with Daniel Sturridge fronting their list of targets.
Sturridge has struggled to command a regular place at Liverpool this season and could move to the Saints on loan for the rest of the campaign, according to the Telegraph.
The club have also been linked with bids for out-of-favour Arsenal winger Theo Walcott and Manchester United's Luke Shaw, who both started their careers on the south coast.
A move for Fulham wonderkid Ryan Sessegnon has also been discussed, but TalkSport claims Real Madrid and Manchester United lead the queue for the 17-year-old.