Liverpool and James Milner have commenced talks regarding a new one-year deal for the veteran midfielder, according to journalist Fabrizio Romano.

The Lowdown: Milner out of contract

The 36-year-old has enjoyed six-and-a-half memorable years at Anfield so far, having joined on a free transfer from Manchester City back in 2015.

Milner has won the Champions League and Premier League with the Reds, making 274 appearances and being hailed as a "complete football player" by Jurgen Klopp.

The midfielder's current Liverpool deal expires in the summer, and as of yet, no new contract has been agreed.

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The Latest: Romano makes Milner contract claim

However, taking to Twitter on Tuesday, Romano claimed that talks are 'underway' regarding a one-year extension for the former England international. The journalist tweeted:

"Liverpool offered James Milner a one-year contract extension. Talks are now underway, as Jurgen Klöpp wants Milner to be part of the team also next season.

"Talks will continue in the coming days/weeks - it’s up to Milner now."

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The Verdict: Does it make sense?

At 36, there is understandable reason to think that Milner should move on in the summer, with the removal of his £150,000-a-week wages potentially helping to free up funds for new signings.

That being said, his vast experience and incredible professionalism mean that having him around could continue to make sense for Klopp, with his presence in the dressing room helping to keep standards high.

Milner would likely have to accept that his minutes will be limited next season if he wants to stay at Anfield, given the depth in Liverpool's midfield, but the positives arguably outweigh the negatives when it comes to the possibility of him staying put.

In other news, Liverpool are willing to sign one player. Find out who it is here.