Jürgen Klopp is happy to loan out the 20-year-old after a frustrating season at Anfield, in which Ojo made just one start and one substitute appearance, both in the FA Cup, both against Plymouth Argyle.
But Rafael Benitez wants to add pace to his squad for their first season back in the Premier League and has identified Ojo as a player who can help them to stay in the top flight.
Burnley are also keen on Ojo and so are relegated side Middlesbrough, hoping for a return to the Premier League under new manager Garry Monk.
Ojo, however, is understood to favour a move to St James’ Park to play his football next season.
The Hemel Hempstead-born winger has previously spent time on loan at Wigan Athletic and Wolverhampton Wanderers, and was part of Paul Simpson's triumphant England Under-20s World Cup squad this summer.
Ojo made eight Premier League appearances for Liverpool during the final months of the 2015/16 campaign, registering three assists.
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