The 21-year-old will spend the upcoming campaign in the Scottish Premiership under the management of Reds legend Steven Gerrard.
Ojo spent the 2018-19 season on loan at Ligue 1 side Stade de Reims and has also had temporary spells with Wigan Athletic, Wolverhampton Wanderers and Fulham.
The winger has made 13 first-team appearances for Liverpool, scoring one goal.