Jurgen Klopp is reportedly tracking the Argentinian international as he looks to bolster his squad options for the 2020/21 season.
According to reports from La Razon, the German coach is open to a player plus cash deal, involving Japanese international Takumi Minamino heading in the opposite direction to the Estadio Ramon Sanchez Pizjuan.
Minamino is currently on loan at Southampton, after seeing his first team opportunities limited at Liverpool in the first half of the season.
Sevilla are rumoured to be keen on potentially bringing in the former RB Salzburg star, but the two clubs are still some distance apart in their valuations.
Ocampos has a £56m release clause included in his contract, but with Minamino valued at around £10m, Liverpool will hope to drive a deal down to closer to a price of £40m.