The Holland winger wants to leave Liverpool as he fears a lack of first-team chances is ruining his World Cup chances this summer.
He faces a £60,000 club fine after storming away from training following yet another bust-up with boss Rafa Benitez.
But his agent Winnie Haatrecht last night said: "Birmingham is still a possibility. It would be simpler for Ryan to continue in the Premier League, a competition he knows well.
"We're actually studying an offer."