Markovic has not made a single appearance for Liverpool this season.
Lloyd Jones has been a regular for the Liverpool Under-23 side, but has failed to break into the first-team.
Liverpool continue to remain active in the transfer market despite Jurgen Klopp stating that the club are unlikely to make a signing before the 23:00 GMT deadline on 31 January.
The Reds remain active in terms of outgoings, with a host of first-team and youth-team players heading out either on loan or on a permanent basis.
Daniel Sturridge and Ovie Ejaria were the most recent players to leave the club with the former joining West Bromwich Albion until the end of the season, while the latter joined Sunderland in a similar deal.
Lazar Markovic and Lloyd Jones are the next two heading towards the exit doors at Liverpool with both players expected to leave on a permanent basis before the end of the ongoing g January transfer window.
According to the Daily Mail, Wolfsburg and Swansea City are battling it out for the signature of the Serbian winger, who has failed to fulfil his potential since moving from Benfica for a reported £22.5m ($31.9m) in 2014. Markovic has spent time on loan with three different clubs – Fenerbahce, Sporting Lisbon and Hull City - in the last two seasons with the most recent being with the Tigers in the second-half of last campaign.
The 23-year-old remained at Anfield in the first-half of the current campaign but was not involved with the first-team, while making just one appearance for the Liverpool reserves in Premier League 2. Swansea turned their attention to the Serbian winger after they failed in their bid to get Atletico Madrid's, Nicolas Gaitan.
However, the south Wales club will have to fend off Wolfsburg, who have also contacted Liverpool over a move for the Serbia international. The report claims that Markovic is also keen to leave after realising that he has no future under Jurgen Klopp at Anfield.
Swansea, however, are said to be looking at a loan deal until the end of the campaign, while the Bundesliga club, who already have Liverpool striker Divock Origi on loan, are seeking a permanent solution, which is likely to be the Merseyside club's preferred option.
Jones, on the other hand, is likely to leave Liverpool on a permanent basis with Luton Town confirming their interest in signing the centre-back. The 22-year-old has been a regular feature in Liverpool's Under-23 team this season, but after failing to break into the senior set-up, he is looking for other opportunities to play first-team football.
"He's one we're interested in and we're speaking to, so nothing over the line yet," Hatters manager Nathan Jones said, as quoted on Luton Today. "Hopefully we can get one through and if that's Lloyd Jones then fine."