Unfortunately with paging, this requires updating the LRU list on every memory access, which would be horribly slow. Possible if special hardware tags each PTE with a time value which is updated every time page is accessed. The page with the oldest time is discarded.
Required hardware is complicated and still has overheads (must write value back to page table = memory access). Also, not much use if you don't have the hardware. So several simpler algorithms have been devised.