The Frenchman largely flopped during his spell in the Premier League, spending four seasons at St James' Park before being moved on last year.
Ben Arfa has hit some impressive form back in France with Nice this term, however, and the Reds are now rumoured to be looking to sign the wideman at the end of the current campaign.
According to The Sun, Liverpool face some real competition from Inter Milan and Borussia Dortmund, but the Merseyside outfit are said to be frontrunners to land the 27-year-old's signature.
Ben Arfa has scored 16 goals in 29 Ligue 1 games in all this term, including a treble against Rennes last time out.