Kamil Grabara and Ben Woodburn are both part of the 80-player shortlist for Tuttosport's Golden Boy award.
The award, which is run by Italian sports daily Tuttosport , is in its 16th year, with past winners including Wayne Rooney, Lionel Messi and Sergio Aguero.
The honour is handed out for performances across a calendar as opposed to seasons, meaning two halves of different campaigns are factored into the decision making by sports journalists from across Europe.
All nominees must be under the age of 21 and play in a European nation's top tier, with publications involved in the voting including Bild (Germany), A Bola (Portugal) and L'Equipe (France).
Former Liverpool players Mario Balotelli and Raheem Sterling are among the previous recipients and goalkeeper Grabara and versatile Wales international Woodburn are in the running for the latest edition.
Anfield officials have high hopes for Polish shot-stopper Grabara, who signed a new long-term contract at Anfield before completing a season-long loan move to Huddersfield on Monday.
Under-23 starlet Grabara is yet to play a senior game for the Reds, but a campaign in the Championship will greatly aid his development at his parent club, long term.
Meanwhile Woodburn is currently on tour with the Reds as part of a 28-man squad that flew to the United States on Tuesday morning.
A disappointing half-season at Sheffield United saw Woodburn return to Merseyside in January and another spell on loan could be forthcoming for a player who remains the youngest goalscorer in Liverpool history.
Also in the running for the Golden Boy gong is Portugal international Joao Felix, who recently completed a £110million move from Benfica to Atletico Madrid.
Manchester City's Phil Foden, Chelsea winger Callum Hudson-Odoi and AC Milan goalkeeper Gianluigi Donnarumma are three more young stars shortlisted.
Ajax captain Matthijs de Ligt is surely one of the favourites to land the prestigious award however, with the Netherlands centre-back on the cusp of a big-money move to Juventus.
Virgil van Dijk's international partner in the Dutch defence skippered Ajax to within a whisker of the Champions League final last term before they were undone by a last-gasp winner from Tottenham's Lucas Moura.
Former Liverpool winger Bobby Adekanye is also on the list, following his move to Lazio earlier this month.
The Dutch wideman spent four years on Merseyside before leaving the Kirkby Academy to sign for the Italians following the expiration of his contract.
