Well, maybe. Goal.com has reported the Reds are planning a 10-million pound offer to Fulham for the 27-year-old American's services, four months after Dempsey's potential transfer to the Merseyside club fell through. (The rumor was also posted on Liverpool's official site.)
Although this is still firmly filed under the "rumor" category, the move is certainly conceivable.
Hodgson, who managed Dempsey at Fulham from 2007 to 2010, will surely be looking to add some danger in the attacking third during the January transfer window. Liverpool has notched just 17 goals this season en route to a disappointing 5-6-4 mark, with only Fulham, West Ham and Wigan having found the back of net less.
Dempsey, meanwhile, is enjoying perhaps his finest season abroad. The imaginative Texan leads Fulham with five league goals, and he notched another in Carling Cup play. Dempsey recorded an impressive assist during Fulham's 2-1 loss to league-leading Arsenal on Saturday, picking out Diomansy Kamara's run through the Gunners' back line with a well-timed chip.
Dempsey's first goal in a Fulham kit came as a substitute against Liverpool in the teams' final match of the 2006-2007 Premier League campaign. The strike gave the Cottagers a 1-0 win, saving the club from relegation and securing Dempsey's place in Fulham lore.
Hodgson, who is facing continued criticism from the English media during his tumultuous first season in charge of Liverpool, has already plucked left back Paul Konchesky from Fulham, and he could most certainly use Dempsey to bolster a roster devoid of true strikers aside from Fernando Torres and David Ngog.
Although Demspey can be deployed as a wide midfielder or a forward, Hodgson would likely use him on the frontline. Americans attempting stints with big-name European clubs have been known to spend most of their time firmly planted on the bench (see Oguchi Onyewu, Landon Donovan and Frankie Hejduk), but Dempsey would be a sure bet to garner significant minutes. After all, he would be joining a club struggling to match lofty expectations and playing under a manager to whom he is a known commodity.
The only side this might not make sense for? Fulham. Dempsey has accounted for nearly a third of the Cottagers' strikes in Premier League play as his contributions have helped Fulham stay barely clear of the relegation zone through 16 fixtures. Without his help, Mark Hughes and Co. could be facing relegation just a year after nearly capturing Europa League glory.