The Reds have been heavily linked with a move to bring the Guinea international to Anfield from the German club as Jurgen Klopp looks to bolster his squad ahead of next season.
Liverpool have been linked with a host of players this summer but have so far only brought in striker Dominic Solanke and winger Mohamed Salah so far.
Keita is believed to be one of Liverpool’s top targets this summer as Klopp prepares his team for a return to the Champions League next season.
And former Liverpool man Nicol says he would like to see the Reds splash the cash on landing the 22-year-old midfielder this summer, no matter how much he costs.
Speaking on ESPN FC, Nicol said: “Forget about the money, I’ve forgotten about the money.
“Just sign the guy, forget the money now. It doesn’t matter.
“The guy makes Liverpool better no question. He’s young, he could be a superstar, just go and sign him.
“I don’t care about the money anymore.”
Liverpool secured a return to the Champions League next season by sealing a fourth-placed finish in Klopp’s first full campaign in charge at the club.
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