Wilson has spent this season on-loan with Bournemouth.
"A lot of that will depend on what Harry Wilson wants himself," Sky Sports' Vinny O'Connor reported.
"The plan has always been for Harry to return after his loan spell at Bournemouth, assess where he's at and take it from there.
"While he has done well with seven Premier League goals in 23 Premier League appearances, for a team that's scored just 29 league goals all season, I'm not sure whether that's enough to force his way into the reckoning as a regular starter at Liverpool.
"So, a lot will come down to whether he's prepared to bide his time and wait for limited opportunities at Liverpool.
"Or, if he's got a taste for the regular involvement he's had at Bournemouth, then he can push for a move.
"While I've not been told as such, I get the impression Liverpool would respect that decision."