The Colombia international moved to Sporting last summer from Almeria and has been outstanding in his first season in Portugal.
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Suarez has scored 33 goals and provided seven assists in 42 competitive matches this season.
The Colombia international striker has previously been linked with a move to Newcastle. Now Correio da Manhã says Liverpool are seriously considering a summer move for Suárez.
Indeed, Liverpool and Newcastle could battle head-to-head for his signature.
Suárez's buyout clause at Sporting is set at €80m.