Ojo, who has earned callups to England's U-16 squad, has caught the attentions of several Premier League sides, with the Blues already making a £2 million bid for the midfielder, according to reports in the Daily Mail.
Under Damian Comolli, Liverpool has been keen to snap up the best of British talent, signing Andy Carroll, Jordan Henderson and Charlie Adam, and will also move for Ojo.
Liverpool will seek to swoop for the young star by outbidding Chelsea, as well as convincing him that Anfield will be a better showcase for his talents, given their history of producing and bringing through home-grown starlets who break into the first-team squad.
Club captain Steven Gerrard admitted he was thankful to the Fenway Sports Group for their investment in the playing squad since taking ownership in 2010, saying: "It's been a good 12 months on the pitch and off the pitch".
"They've stabilised the club and certainly put the money in. They've backed the manager and Damien Comolli. They've been very supportive of the team", the England star concluded.