Liquid Pb–Bi eutectic alloy has been selected as coolant and neutron spallation source for the development of MYRRHA, an accelerator driven system. The alloy has been characterized in liquid state from melting (125 °C) to 650 °C by mechanical spectroscopy. Experiments have been carried out using hollow reeds of austenitic stainless steel filled with the Pb-Bi alloy and sealed at the extremities. From 350 °C to 520 °C modulus shows a remarkable drop accompanied by a broad internal friction maximum. In the same temperature range radial distribution functions, determined from X-ray diffraction patterns, evidenced variations of the mean distance between the 1st nearest neighbour atoms. The anelastic phenomena have been attributed to a structural re-arrangement of liquid metal. For comparison, other alloys of the Pb-Bi system with hypo-eutectic composition have been investigated.