Former Reds boss Rafael Benitez is searching for his second signing of the summer having added the permanent signing of Christian Atsu from Chelsea.
But despite already adding Atsu to his ranks, Benitez is reported to be very frustrated with the Magpies lack of transfer activity with multiple targets moving elsewhere.
And Ojo is another one Benitez will have to contend with as he joins Tammy Abrahan in the Spaniard's list of unsuccessful loan moves.
Jurgen Klopp is said to want to analyse Ojo over the course of pre-season before making a decision on the youngster's future.
Benitez's offer might be accepted nearer to the end of the transfer window, but for now, the 57-year-old is forced to look elsewhere.
Klopp will likely decide whether he can include the youngster into his first team, though at the minute it is looking unlikely having just signed Mohammed Salah.
The Liverpool boss clearly rates Ojo highly and wants to be sure his next move is the right one for his development. If a decision is made in favour of loaning him out, Benitez will confident of securing his services due to his affiliation with Liverpool.
Benitez is very keen to get Ojo on board as the 20-year-old is showing signs of being a top player.
Impressive summer with England Under 20s
The winger enhanced his reputation last month when he made history by helping England lift the U20s World Cup.
He was described by the Telegraph prior to the final with Venezuela as the "perfect impact substitute in the semi-final. Ojo's dribbling ability makes the Liverpool winger a potential match winner."
Previous loan spells
Ojo joined Wigan Athletic in January 2015 in his first professional loan spell. He made 11 appearances for the Latics in the Championship but could not prevent them from falling into League One.
The winger then returned to Merseyside in the summer of 2015 before being loaned back to the second tier with Wolverhampton Wanderers. Ojo endured a very successful spell at Molineux - scoring two goals. His impressive performances meant Liverpool recalled him after 17 appearances in a Wolves shirt.
Injury hampering progress
On his recall to Anfield in January 2016, Klopp included Ojo in the first-team set up where he scored his first goal for the Reds in a 3-0 FA Cup win over Exeter City. Ojo then made his Premier League debut as a substitute in March 2016 at Southampton.
Ojo's next appearance came in April 2016 when he started against Stoke City in a 4-1 win. The youngster looked to be bedding into the first team well but an injury to his back at the start of the 2016-17, unfortunately, saw him fall out of the first team fold.