The 20-year-old had been considering his options after Reds boss Jurgen Klopp decided he would benefit from a temporary spell away from Anfield.
In an Instagram post, Ojo said: "It's been an eventful 18 months for me, with some unfortunate injuries, but also some good achievements.
"I'm going on loan this season to get playing time and further develop as a player.
"I want to thank all the Liverpool fans for your continued support. #BeBackSoon #YNWA".