Dutch internationalist Simons is currently contracted to Paris-Saint Germain, however is on loan at German Bundesliga side RB Leipzig.
The player – who was once in the sights of Giovanni van Bronckhorst – is expected to move on from France on a permanent basis next year.
And, according to The Athletic's David Ornstein, that could be to anyone from Liverpool to Arsenal, Barcelona, Bayern Munich or Real Madrid.
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Ornstein said: "All options are available to Paris Saint-Germain on Xavi Simons. No decisions have been made regarding his future and much can change before the summer.
"Arsenal, Barcelona, Bayern, Liverpool and Real Madrid are seen as the most probable destinations, while Manchester United showed some interest during the previous market.
"PSG view Simons as a golden opportunity either way; they either retain a top talent or trade him at a huge profit. Unless something goes badly wrong, his anticipated transfer fee is €80million [£66m] minimum."
When Simons first left PSG to join PSV Eindhoven in 2022, van Bronckhorst was said to be interested in the player.
The former Rangers manager said to have formally approached Simons in the summer following the Ibrox side's Europa League final journey.