The 22-year-old spent the last season on loan at Rio Ave, where he impressed during his 38 appearances across all competitions.
He is yet to play for the Dragons at senior level but remains determined to make a name for himself at the Portuguese giants despite the flattering interest from abroad.
"I know I've been followed by English clubs especially after our campaign," Soares told Omnisport. "Liverpool are a great club and to be linked is an enormous honour for me.
"I followed Liverpool from young age and I shiver every time I listen to You Never Walk Alone, it's unique! Liverpool are famous and popular in Portugal where people value the history of a club.
"I'm naturally flattered, but I'm a Porto player and focused on succeeding here. My main goal is to establish myself and get first-team football.
"I feel ready and confident that after my last season I will be given a chance. I keep my feet on the ground and focus on climbing my way up one step at a time."