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Benfica winger Zivkovic was tracked by several Premier League clubs at the weekend at his side faced Porto in a top-of-the-table clash in Liga NOS.
According to The Sun, the Serbian had Arsenal, Liverpool and Manchester United scouts watching his every move ahead of a potential move this summer.
Zivovic has been developing well at Benfica since joining from Partizan in 2016, and is now a first team regular.
There is a release clause of around £52m is in his contract should the Premier League giants decide to make a move.