The 24-year-old registered 10 goals and seven in all competitions for the Bundesliga side last season and already has five goals to his name in 2023/24.
Liverpool have been linked to the forward in the past, with talks claimed to have taken place over a prospective move two summers ago.
He instead opted to switch to Dortmund from PSV, but the latest stories suggest that he could be on the move again sooner rather than later.
? News Donyell #Malen: The 24 y/o is open for a new challenge in winter or summer as hes not totally happy in Dortmund. His new agency SEG is sounding out the market.
?? #BVB, open to let him go ?? Price expectation: 30-35m.
Malen has a market in ???????! @berger_pj | pic.twitter.com/V9goAVdtso
Florian Plettenberg (@Plettigoal) December 4, 2023
Sky Germany reporter Florian Plettenberg has indicated that Malen is open to a new challenge and that his club could be willing to allow him to leave for a fee in the region of 25 million to 30 million.
We shouldnt be surprised if the Reds are credited with interest, with the Dutchmans agent currently said to be sounding out the market for a transfer.
Bild reported last week that Jurgen Klopp is keeping an eye on his former clubs No. 21, who still has two and a half years to run on his deal in Germany.
It would be sensible to take such links with a pinch of salt at the moment, particularly given the depth of attacking options Liverpool already have at their disposal.
The Reds are however somewhat shorter on right-sided forwards, with Mohamed Salah the only senior choice while Ben Doak continues to serve his apprenticeship at Anfield.
Liverpool will always be in the conversation when it comes to quality players across the continent who have become available.
The reality, though, is that any imminent reinforcements are likely to be in other areas of the pitch, with many fans still calling for a defensive midfielder to be added.
It was also reported last month that the club are in the market to sign a defender, having been said to have parked their interest in Fluminense midfielder Andre.
Malens name is likely to pop up in the coming weeks and months, but he certainly wont be the only one.