Rodgers has spent £25million already this summer on the likes of Fabio Borini and Joe Allen.
Tello has failed to become a regular at Barcelona and has long been linked with a move away from the club.
The Sun reports that Liverpool are keen on signing Tello on a season-long loan with a view to a permanent deal at the end of the season.
Tello has just 12 months left on his current contract with Barcelona.
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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.