Luiz, who is in the final year of his contract at Aston Villa, is a target for several Premier League clubs, but it is Arsenal who are pushing hardest for a deal on deadline day.
The Lions have been expecting offers from potential suitors for the Brazilian today and have already received a bid from Arsenal for him.
Liverpool and La Liga giants Atletico Madrid have also approached Aston Villa over Luiz, despite there only being hours left in the window.
But Aston Villa have so far remained firm on their ambitions to keep Luiz in their ranks.
However, Steven Gerrard’s side could change their stance on Luiz if they can get a deal over the line for Dendoncker from Wolverhampton Wanderers.
Aston Villa have agreed on a fee with Wolves for the Belgian and they are looking to complete or the formalities including his medical to seal his signature as soon as possible.
And if Dendoncker’s signing is confirmed Aston Villa could become more open to letting Luiz go, which would be a boost for Arsenal.