Racing Santander are in discussions with Liverpool regarding the loan of midfielders Nabil El Zhar and Sebastian Leto.
El Zhar scored in Liverpool's Carling Cup victory over Cardiff in October but the 21-year-old has failed to secure regular first-team football at Anfield after arriving from St Etienne in 2006.
Leto, 21, has also struggled to find a place in manager Rafa Benitez's plans following a summer move to the Reds from Argentine outfit Lanus.
And Racing president Francisco Pernia has confirmed he is in contact with Liverpool as he attempts to lure the duo to Spain.
"We have been speaking to the English club (Liverpool) for some weeks," Pernia told Diario Montanes. "But the deal is still not closed."
However, Pernia insists that any deal would not give Liverpool an advantage in attempting to sign defender Ezequiel Garay.
The Argentine has revealed a desire to play in England and the 21-year-old, who has a £14.2million get-out clause in his contract, is believed to be a target of Liverpool.
Pernia, though, is adamant that Garay will not be offered as an incentive for any loan deal for El Zhar or Leto.
"There is interest to buy our player (Garay) from big clubs," Pernia added. "But the name of Garay has not entered into this loan negotiation.
"This is clear and Liverpool know our position. If the position is not clear Racing will miss out on El Zhar and Leto because we do not want problems in the future."