Shawcross is one of the most sought-after young defenders in the Premier League after catching the eye at Stoke following his arrival from Manchester United in 2007.
The England Under-21 international has established himself as one of the most promising players in the Premier League and he is a key member of Tony Pulis' squad.
Liverpool are believed to have sounded out a move for Shawcross in the summer, but were put off by Stoke's price tag.
Shawcross' former club Manchester United, Arsenal, Fulham and Everton are also believed to be admirers of the powerful centre-back.
Liverpool have been keeping tabs on Shawcross' progress this season and they are now thought to be ready to make a firm move for the 22-year-old in January.
Reds boss Rafa Benitez is understood to be keen to bolster his defensive ranks and increase the number of English-born players in his squad, and Shawcross fits the bill as to the type of player he wants.
Stoke have opened talks with Shawcross about a new deal at the Britannia Stadium in a bid to stave off interest from the Premier League's elite, but as yet no new contract has been agreed.
However, any move from Liverpool would depend on them raising the funds to persuade Stoke to cash-in on Shawcross.