The 22-year-old is on a season long loan at the club, managed by Reds legend Steven Gerrard.
He has played 17 games this term, scoring five and managing four assists.
It is possible the Reds will try and wait till the summer to see if they want to include Ojo in their squad for next season.
They may even want to allow other clubs to make bids in the summer to get a higher selling price.
But Rangers will be desperate to conclude a deal as soon as possible, given his importance to the team.