Spanish newspaper Mundo Deportivo reports that Brendan Rodgers will launch a bid for the AC Milan striker when Suarez's switch to the Nou Camp is finalized.
The Uruguayan looks certain to join the Catalan giants this summer, after Liverpool conceded defeat in their battle to persuade him to stay.
The Reds are hoping to negotiate a fee in the region of £70 to £80m, leaving Rodgers with a bumper transfer war-chest as the Kop boss prepares for a return to Champions League action.
They want Chile star Alexis Sanchez included in any deal, however, recent reports suggest the 25-year-old would rather a move to Arsenal.
The departure of Suarez and non-arrival of Sanchez would leave the Reds light in attack, with just Daniel Sturridge, Rickie Lambert and Fabio Borini left to battle for a starting spot.
And according to reports, Rodgers will launch a blockbuster bid to land ex-Manchester City man Balotelli, as he looks to add a star name to his frontline.
AC Milan are thought to be open to selling Balotelli this summer, after a mixed spell at the San Siro since joining from City in January 2013.
He was strongly linked with a move to Arsenal earlier this summer, but talk of a deal has cooled after his agent revealed a deal was unlikely.