The 18-year-old has travelled to England to undergo a medical with United.
Rivals Manchester City are also reportedly interested in signing the youngster.
“No doubt he is a very useful player, with a good goalscoring talent,” Universidad de Chile’s assistant manager Sebastian Beccacece told Radio ADN.
“But we have to count on the players that we have available, not the ones that aren’t available.”
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.