Downing has been unable to hold down a starting place under Rodgers, falling below youngsters Raheem Sterling and Suso in the pecking order.
Rodgers offered to reinvent him as a left-back, but some under-par performances in the League Cup and Europa League have left him among the most vulnerable to being offloaded in the new year.
Liverpool's transfer policy in January will also take into consideration the high earnings of the fringe players.
It makes no economic sense for Rodgers to offer hope to players earning around £70,000 a week when moving them on will allow him to reinvest, or offer new deals to those youngsters who do have a future at the club.
Downing joined Liverpool for £20?million from Aston Villa in 2011, but the Anfield club would be fortunate to command a quarter of that fee now.
Rodgers will urge owners Fenway Sports Group of the merits of cashing in quickly to correct previous transfer mistakes rather than allow unwanted players hang around on Merseyside claiming huge salaries.
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