The Lions dismissed Steven Gerrard from his post in the wake of their 3-0 loss to Fulham in the EPL in midweek.
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The 25-year-old has become a key figure at Ibrox under both Steven Gerrard and Giovanni van Bronckhorst.
The Reds would need a favour from Steven Gerrard’s Aston Villa at the Etihad in order for that to become a possibility, while they would also need to hold up their end of the bargain by ending an unforgettable domestic campaign on a high.
The Villa Park outfit will have representation at Hampden to watch the Nigerian international in the Scottish Cup final with Hearts.
The report claimed that Villa want a new left back to provide competition for Lucas Digne, and Rangers youngster Bassey is one of the players Gerrard has reportedly targeted.
The 29-year-old has been on loan at Villa Park since January, having reunited with former Liverpool teammate and current Villa boss Steven Gerrard during the winter transfer window.
Balogun played 44 matches under Gerrard before the former Three Lions star took over at Aston Villa in November 2021.
Villa boss, Steven Gerrard, has already recruited one of his former Liverpool teammates this month following the arrival of Philippe Coutinho on loan from Barcelona with a £33million option to buy.
Meanwhile, Villa return to action sitting in 10th position, a consequence of recording 12 points from six matches since Steven Gerrard’s arrival.
Gerrard said he would gladly sacrifice some of his legendary status among the Liverpool support for a result on his first trip to Anfield as part of the visiting team.
The Reds saw off AC Milan 2-1 in the Champions League in midweek, while the visitors triumphed over Leicester City by the same scoreline last weekend.
Steven Gerrard’s side will enter the contest off the back of a 2-1 home defeat to Manchester City on Wednesday, while Leicester played out a 2-2 draw with Southampton on the same night.
The 18-year-old came on as a substitute in the 2-1 defeat against Manchester City on Wednesday, after reports that the youngster was planning to reject a new contract at the club amid concerns over breaking into the first XI.
Gerrard left Rangers during the international break to replace Dean Smith, who was sacked following five successive Premier League defeats, and got Villa Park bouncing again with two late goals.
Gerrard took over from Dean Smith at the helm during the international break, with Villa having lost their last five Premier League games.
The Dutchman, who played for the Ibrox side between 1998 and 2001, will join the club subject to gaining a work permit.
The former Liverpool man leaves Rangers after nearly two and a half years in charge to succeed Dean Smith at Villa Park.
The Liverpool legend has been with Glasgow Rangers for the past three seasons, in what is his first job in senior football management.
The Egypt international reached the landmark in his 162nd top-flight match, making him the fifth-fastest man to reach his century.
Rangers defeated the Staggies 4-2 with goals from Joe Aribo, Connor Goldson, Alfredo Morelos and Scott Arfield.