There are no talks taking place between the European champions and the 31-year-old over a new deal and he will be available on a free transfer.
Lallana, who has been linked with Leicester City, moved to Anfield for £25m in 2014.
He was signed from Southampton by then-Liverpool boss Brendan Rodgers, who is now in charge of the Foxes.
Lallana has played 13 times for Liverpool in the league this season, scoring once.
His only goal this season was against Manchester United, when his equaliser maintained the club’s unbeaten record.
Lallana’s time at Anfield has been hampered by injuries in the past two seasons but he was a key part of Jurgen Klopp’s side in the early days of the German manager’s reign.
He helped the Reds win the Champions League last season and has scored 18 times in 126 league games for the club.