A deal has been agreed between the Ibrox side and the Champions League winners for the winger to join on a loan deal.
The 21-year-old will undergo a medical before completing a switch before Rangers' European campaign gets underway at the end of this month.
It will be his fifth loan spell having signed for Liverpool from MK Dons as a 14-year-old in a transfer worth seven-figures.
Ojo spent last season with Stade Reims in Ligue 1 and he will be hoping to be joined by Ryan Kent.
Steven Gerrard is both keen and hopefully last season's PFA Scotland Player of the Year will return.