The 21-year-old made his senior Liverpool debut during the 2022-23 season but has since been unable to establish himself in the squad, with a difficult run of injuries badly disrupting his progress at Anfield.
Bajcetic spent last season on loan at both Red Bull Salzburg and Las Palmas, before suffering an injury that ruled him out for the whole of the campaign just gone.
The Spaniard remains under contract at Liverpool until the summer of 2027, but has been a notable absentee from Andoni Iraola's squad throughout preseason despite returning to full training.
According to the reports, the format of any potential transfer is still being discussed between the two clubs, with it not yet clear whether Getafe are pursuing a loan or a permanent deal.
Liverpool's position is complicated by the fact that Bajcetic has just one year left on his contract, giving the club an incentive to either sanction a permanent sale now or secure a fresh agreement before any exit to avoid losing him for a reduced fee, or for nothing, further down the line.
Bajcetic has earned one senior cap for Spain's Under-21 side. Liverpool finished fifth in the Premier League last season and will play Champions League football in the upcoming campaign, a competition Bajcetic has previously featured in during his breakthrough season at the club, when he became the youngest player in Liverpool's history to appear in the competition.
The midfielder's stock has fallen sharply since that promising start under Jürgen Klopp in 2022-23, when he made 19 appearances across all competitions. A serious adductor injury in March 2023 proved to be a turning point from which he has struggled to recover fully, limiting him to sporadic appearances in the years since and pushing him down Liverpool's midfield pecking order behind the likes of Alexis Mac Allister and Ryan Gravenberch.
Getafe have previously been credited with interest in several other Liverpool fringe players, and the Madrid-based club's pursuit of Bajcetic reflects a broader trend of LaLiga sides monitoring Liverpool's academy talent this summer, with Sevilla, Rayo Vallecano and Elche also said to have shown interest at various points.