According to Daily Star, Liverpool manager Jurgen Klopp has decided to recall the Portuguese defender after an injury crisis and Aston Villa are happy to accept their request.
The report also states that Ilori could return to Liverpool within the next two days.
The youngster has spent most of his time away on loan since his arrival at Anfield and will now get his first real chance to break into the Liverpool first team.
Ilori joined Liverpool for a fee of €10m back in 2013.
During their 1-0 win against Stoke City, Liverpool lost Kolo Toure and Dejan Lovren to injuries and Klopp is desperate to add some defenders before the transfer window closes.
The Reds are already without three centre-backs (Gomez, Sakho & Skrtel) due to injuries and are running out of players to field in their upcoming games.
Ilori is highly rated at Liverpool and was one of Portugal’s standout performers during the U21 Euros. It will be interesting to see if he returns in time for the Exeter game.
However, it is unlikely that he will be thrown into the starting lineup straightaway because of his lack of match fitness.
The defender has not played a single game for Aston Villa during his loan spell.