Liverpool have been tracking the 20-year-old for some time, with Iraola understood to rate him highly having worked with him at Bournemouth, but any move would need to wait until a release clause becomes active in 2027, according to ESPN Brazil journalist Bruno Andrade.
That clause stands at around £130 million, a figure that would represent a new club-record fee for Liverpool.
"The message is clear, obvious, and there won't be a discount of even one cent," Andrade said. "Whoever wants to sign Rayan in January, whether from the Premier League or another European club, has to pay the value of the clause.
"There won't be a discount, there won't be a lower payment. It's either that or the player stays."
Liverpool's interest is described as genuine, though they have not yet made an official approach to Bournemouth, who are understood to be positioning themselves against interest from several other major European clubs. Bournemouth's negotiating hand is strengthened by the fact that Rayan is contracted until 2031, giving them little incentive to negotiate below the clause figure.
The winger joined Bournemouth from Vasco da Gama in a deal potentially worth around €35 million in January, meaning his valuation has risen dramatically in little over a year on the south coast.
He has continued to impress since his arrival, adding to the growing sense at Bournemouth that they have unearthed one of the Premier League's most promising young attacking talents.
Liverpool are still searching for a specialist right-sided attacking option, and Iraola's familiarity with Rayan's game and personality could reduce some of the uncertainty that usually accompanies a fee of this size.
But at £130 million, any deal would rank among the most expensive in Premier League history, leaving Liverpool to weigh just how much that inside knowledge is worth against simply waiting to see whether Bournemouth's stance softens as the clause approaches activation.