New boss Roy Hodgson wants Juventus star Poulsen to bolster his midfield and the clubs are negotiating a £6million move.
Once the Denmark international's signing is confirmed, that could see Argentine hardman Mascherano packing his bags to link up with former gaffer Rafa Benitez at Inter Milan.
Mascherano, 26, told Hodgson last week he wanted a move but the Reds - who have slapped a £25m price tag on him - want a replacement sorting out first.
Poulsen, 30, has worked under Hodgson before and won the Danish title with him at Copenhagen nine years ago.
And he would be the Englishman's first signing as summer arrivals Joe Cole, Milan Jovanovic, Danny Wilson and Jonjo Shelvey were all lined up before he took charge.
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