The parents of the Liverpool star were kidnapped in their home country on Saturday afternoon, with reports stating that their vehicle was intercepted by two armed men in Barrancas.
Cilenis Marulanda, the player's mother, was released hours later but his father, Luis Manuel Diaz, has not been released.
Police stated on Sunday that they will pay a significant reward for information that will lead to the captors and the release of Diaz's father.
"On the instructions of the Minister of Defense, a reward of up to 200 million pesos will be given to anyone who gives us information that allows us to find the whereabouts of Mr. Luis Díaz," police general William Rene Salamanca said.
A report from El Tiempo says that police fear the kidnappers are attempting to take him out of the country and to Venezuela and have found the motorcycle Diaz was taken away on.
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Diaz was left out of the Liverpool squad for Sunday's Premier League clash against Nottingham Forest.
"We had to obviously make a late change because of the private situation involving Luis Diaz," Jurgen Klopp explained. "It's a worrying situation for all of us and it was a pretty tough night. I have never had that before. It's a new experience I never needed."
The Reds team showed their support for the attacker by holding up his jersey after Diogo Jota opened the scoring in the 3-0 win.
"Liverpool Football Club can confirm it is aware of an ongoing situation involving the family of Luis Diaz in Colombia," a statement from the club read on Sunday.
"It is our fervent hope that the matter is resolved safely and at the earliest possible opportunity. In the meantime, the player’s welfare will continue to be our immediate priority."