The 21-year-old spent last season at French side Reims, and with playing minutes still unavailable for him at Anfield, manager Jurgen Klopp is keen for him to continue his development under Light Blues boss and Reds legend Steven Gerrard.
Ojo remains highly-rated at Liverpool, but has had to go out on loan at Fulham, Wolves and Wigan, and Ibrox is set to be his next stop.
Rangers enjoyed the loan services of another Liverpool ace Ryan Kent last term, and fans will be hoping Ojo can have a similar impact.
The England youth international only managed a goal in 18 appearances for Reims last term, but there is no denying his huge potential and talents, and the 2017 FIFA U-20 World Cup winner can come good at Ibrox under the tutelage of Gerrard.
Stopping Celtic from winning the Scottish Premiership title is top of Rangers’ plans for next season once again, and quality recruitment is expected this summer.
It remains to be seen how Ojo will fare at Ibrox, but Gers fans will sincerely hope he doesn’t end up like Ovie Ejaria.
Here is how some of them reacted to reports that he has agreed to a loan move on Twitter:
Just announce #55 now
— Graham (@Gillington1980) June 10, 2019
Great news. I think he’ll do well, a more rounded player than Kent.
— AB (@sergiobamos) June 11, 2019
— Ibrox Loyal (@_IbroxLoyal) June 10, 2019
Sheyi ojo must be a decent player. He was valued at £15 million last summer
— Robert-w.a.t.p (@rangerslad1983) June 11, 2019
Personally, I think he's going to be a big player in this league, quality signing.
— Sir Johnny Too Bad 🐺 🇬🇧🏴 (@lutonloyal) June 11, 2019
I think Ojo could be one of those top signings.
— West Mids Loyal (@WestMidsLoyal) June 11, 2019
Cmon let’s go…….
— briancaswell🇬🇧 (@bcaswell1983) June 11, 2019
Yeah I used to rate him, his been on loan in France but I m ain’t really heard much of him since. Signing a 5 year deal so club must value him, think he will be a good signing for you’s. Strong, pacey and direct
— Joey Law (@joeylaw10) June 11, 2019