The Germany international is set to become a free agent in the coming months after failing to agree to a new contract.
Can has been heavily linked with a move to Serie A champions Juventus over the past 12 months or so.
The 23-year-old is rated as an exciting prospect given his progress under his compatriot Jurgen Klopp in the past two and a half seasons.
Liverpool FC will welcome Naby Keita to Anfield this summer after the Reds agreed to a £48m deal with RB Leipzig last summer.
The Reds have also signed Brazil international Fabinho in a £40m deal from Ligue 1 side AS Monaco last week.
Former Liverpool FC defender Nicol believes Keita will be a more than worthy replacement for Can.
“He is a loss. He will do well for Juventus,” Nicol told ESPN FC.
“Liverpool have two players coming in to replace him who are good if not better. It is a loss to Liverpool’s squad depth but I like the two guys coming in.”
Liverpool FC finished in fourth place in the Premier League table last season to secure their continued participation in the Champions League.
The Reds lost 3-1 to La Liga giants Real Madrid in the Champions League final in Kiev last month.
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