The Reds have been linked with a host of players over the last 72 hours as Jurgen Klopp looks to strengthen his squad ahead of his side’s return to the Champions League group stage next month.

Liverpool are widely expected to confirm the signing of midfielder Oxlade-Chamberlain from Arsenal before Thursday’s 23:00 BST deadline.

According to McNulty, the Reds are also trying to push through deals to land both Monaco winger Thomas Lemar and long-term defensive target Virgil van Dijk before the transfer window drops shut tonight.

Speaking to BBC Sport, McNulty said: “It will be a hectic day on Merseyside with both Everton and Liverpool expecting to do some very significant late business.

“The biggest movers of the day could be Liverpool, who will sign Alex Oxlade-Chamberlain from Arsenal and will surely await one last opening to sign their top summer target, Southampton’s Virgil van Dijk.

“Liverpool also retain an interest in Monaco’s Thomas Lemar on what could be a pivotal day for manager Jurgen Klopp.

“And Philippe Coutinho? Well, Barcelona continue to make the noises they have made for the last month – but Liverpool are simply refusing to sell. They have not budged one inch.

“So it could be a day to fasten the seat belts on Merseyside.”

Liverpool have so far confirmed the signing of three players this summer after wrapping up deals for Mohamed Salah, Andy Robertson and Dominic Solanke.

The Reds have also concluded a deal to bring midfielder Naby Keita to Anfield from RB Leipzig, with the Guinea international set to officially join the Premier League club next summer.

It remains to be seen how many signings Liverpool will be able to tie up before the deadline, but the stage is certainly set for a thrilling end to the transfer window for the Reds.