The 30-year-old has been linked with a move away from Old Trafford in recent weeks, with reports earlier this month suggesting that Sunderland were keen on the Republic of Ireland international.
And according to the Irish Independent, Liverpool are one of five clubs interested in signing the centre-back, with Aston Villa, Newcastle and Tottenham also linked.
O'Shea, who has been at the club since signing professional forms at the age of 17, would likely cost around £5million.
Although an unlikely transfer target for Liverpool, the Merseysiders are keen on strengthening their back four over the summer and O'Shea's versatility could be of interest.
However, at the age of 30, he goes against the club's policy of wanting to attract younger players to the club.
The Reds have been linked with a number of centre-backs and are believed to be keen on signing Birmingham defender Scott Dann after missing out on Phil Jones, who agreed to move to the Premier League champions earlier this month.
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