Jürgen Klopp is looking for a back-up Andy Robertson this summer and submitted a £10m bid to give Lewis the chance to remain in the Premier League, but Norwich stood firm on their £20m asking price.
With Liverpool's transfer budget taking a huge blow as a result of the coronavirus outbreak, spending £20m on a reserve left back was never an option, and now Melissa Reddy states that the attention has turned to a £11.75m deal for Tsimikas.
Talks over the deal are understood to be so advanced that plans are already being made for Tsimikas to fly to Liverpool for a medical, which could come early next week.
The 24-year-old has been on Liverpool's radar for some time now, while the likes of Leicester and Manchester City have tracked him over the last 12 months, so it always seemed like just a matter of time before he headed to the Premier League.
Tsimikas, who came face to face with Tottenham, Wolves and Arsenal in Europe this season, managed seven assists in 46 appearances for Olympiacos, earning himself a return to the Greece international set-up.
He will likely struggle to match those appearance numbers if he does move to Liverpool, with Robertson almost certain to remain the first choice option at left back, but Klopp will be relieved to finally have someone to cover for the Scot.
Alberto Moreno's departure last summer forced Klopp to turn to makeshift options like James Milner and Joe Gomez whenever Robertson was unavailable, so even in a summer with very little money on offer, signing a new left back was always high on the agenda.
That's why Liverpool moved quick to try and strike a deal for Lewis, who is understood to have been desperate to move to Anfield, but Norwich were under no pressure to sell one of their young stars and successfully priced Liverpool out of a move.