The teenager was sold by the Reds last summer for £7m to Sporting Lisbon, the club he joined as an academy player, having grown up in Lisbon.
Camacho joined the Reds’ youth ranks in 2016 from Manchester City’s, but made just two first team appearances in total during a three year spell.
The Portugal youth international then reportedly rejected a five-year deal with the club in favour of a return to his homeland.
However, Camacho could now be set for a sensational return to the Premier League, with Everton and United both understood to be keen on the 19-year-old.
Football Insider claim that scouts from several top English clubs have watched Camacho in action this season for Sporting.
As well as Everton and United, Tottenham have also been keeping tabs on him, according to the report, while Chelsea and Arsenal are credited with interest.
The right-winger has made 19 appearances in all competitions, mostly coming on off the bench as an impact substitute.
Camacho’s only goal came against Portimonense the Allianz Cup in a 4-2 win.
The strike even earned him a call from Liverpool boss Jurgen Klopp to applaud his efforts, with Camacho throwing them back over the phone shortly after the Reds’ Club World Cup triumph.
“Rafael was even happier when he received the call from Jurgen Klopp to congratulate him on the goal,” the player's father said.
“In fact, they exchanged congratulations, as Rafael also congratulated him on winning the Club World Cup.”