I know there's a number of Sounders' fans here, so I thought this was worth mentioning.
According to multiple Twitter reports out of Columbia (summarized in this post on Sounder At Heart), both Liverpool and Ajax are interested in the 24-year old Columbian striker and vice-Captain of the Seattle Sounders. Montero has been a star in Seattle since his arrival, netting at least ten goals in each of the team's three seasons. He was rewarded with a Designated Player contract, and is now starting to be frequently mentioned in European transfer rumors.
The difficulties with getting Montero a UK work permit aside* (he only has a handful of Columbia caps, none of them recent), I'm not sure I see the fit for Montero in Liverpool. I absolutely love him, but I don't think he'd be anything more than a squad player for a higher-level EPL side, which is what Liverpool is supposed to be.
With his creativity and on-the-ball skill, Montero would actually be a good like-for-like backup for Suarez, but I'm not sure he offers more for Liverpool right now. He's not a spectacular wide player, and if he'd have to play as a second striker off a main striker who can occupy space and draw defenders. Seattle basically uses him in the hole of a 4-2-3-1 much of the time, but the greater quality of holding mids in the EPL (not to mention their greater proper use) would neutralize him in that role most of the time.
I absolutely love and adore Fredy, and he's one of my favorite players in the whole sport. If he came to Liverpool, I'd buy his shirt in a heartbeat (it's possible that I will no matter where he goes). I'm just not sure he'd make a great fit in Merseyside. I think he'd be far better off in the Bundesliga or Ligue 1, or with a second-tier Serie A side. Either way, I hope he finds nothing but success in the next challenge of his career.
*It's possible that Fredy can work around this. He recently became officially married to his long-time girlfriend, who has a German passport. I'm not as up on the vagaries of the British work permit system, so I'm not sure if this is a functional workaround or not.