Jovanovic is out of contract at Standard Liege at the end of the season.
The 28-year-old could be handed a £2.5million signing-on bonus if he signs for Liverpool.
A Liege source confirmed to The Sun: “It looks like it’s 50-50 between Liverpool and AC Milan for Jovanovic.
“There are many other clubs but those two are ahead of the rest. It seems he will make a decision very soon.”
