Ideally Barcelona would want to sell for a fee around £8m permanently, but are also willing to sell him on a season long loan for free.
Host of Premier League clubs like Tottenham, Everton, Manchester United and Liverpool are thought to have shown an interest in him.
Catalan newspaper Sport claimed last week that Liverpool had lodged a formal offer (details of the offer not known yet) for Song but his wage demands of €4m-per-year are a put off.
Early in June and even in July, catalan press had claimed that Manchester United are planning to sign him as well.
Liverpool have made eight signings so far but there could be one or two more additions before the window shuts.
The Reds are primarily looking for a striker, but they may look to sign a defensive midfielder as well, should Lucas Leiva be sold.
Manchester United on the other hand have signed Ander Herrera early this summer and are looking to invest in other areas of the pitch like defence and attacking midfield.