The Premier League sides are believed to have approached Kiev with an enquiry for Yarmolenko, a 23-year-old Ukrainian international.
According to reports in Ukraine on Thursday, Liverpool are currently leading the chase, with sources at Kiev suggesting the Anfield side are prepared to pay £20 million for the player.
Dinamo are only likely to sanction a sale if Yarmolenko forces through a move, however.
The Kiev side have been off the pace since the beginning of the Ukrainian Premier League season in July, picking up only seven points from their first five games, despite significantly investing in the squad over the summer.
Dinamo signed several high-profile players, including Moroccan attacking midfielder Younes Belhanda, who arrived from French side Montpellier.
Despite this, Shakhtar Donetsk look set to continue their dominance of the Ukrainian game for another year and sit on top of the table with a maximum 15 points from their first five matches.
Shakhtar sealed an unprecedented third successive league and cup double triumph last season.
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