According to El Intransigente, Liverpool are considering a move for the 19-year-old Argentina attacker, who has established himself in Boca's first team.
Aranda is capable of operating in several attacking positions and has emerged as one of the club's promising young players.
The report claims Liverpool could make an offer during the January transfer window, with a potential fee of around €9 million being discussed.
Aranda's development has also brought him onto the radar of Argentina manager Lionel Scaloni, who has reportedly called the youngster into the senior national-team setup.
Liverpool's interest would fit a wider Premier League trend of clubs looking towards South America for emerging talent.
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Following the United Kingdom's departure from the European Union, Premier League clubs face different registration and transfer considerations when recruiting players from Europe, while South America has continued to provide a large pool of technically gifted young footballers.
For Liverpool, Aranda represents the type of young player who could potentially be developed rather than immediately expected to become a first-team regular.
The teenager is already playing senior football with Boca, however, giving him experience at one of Argentina's biggest clubs.
A move to Anfield would represent a major step in his career, but any potential deal is still dependent on Liverpool deciding to formalise their reported interest.
The January window could therefore provide an opportunity for the Premier League club to test Boca's willingness to sell one of their emerging attacking talents.