Belgian international Mignolet has had a poor season and even lost his place in the team in December, only to claim it back when his replacement Brad Jones sustained a thigh injury on Boxing Day.
The Club Brugge stopper, 22, has emerged as Australia's first choice goalkeeper since the retirement of Mark Schwarzer, and is highly rated back in Australia and in Europe now too.
With 75 appearances under his belt in Belgium, Ryan is developing at an impressive rate, and admitted earlier this month that he may be open to a transfer, in this interview with AAP, which was run by The Guardian.
"It's obviously flattering to have the interest," Ryan said. "I had a bit of interest when I was in Europe last year, I know how it works. Interest is just interest. You never know if it's true or not until something solid comes through but it's obviously flattering nonetheless."
"In the last few months, I have come along in leaps and bounds: my performances have been getting better and better," he said. "I'm very happy with where I am at Club Brugge, we are always going to be in contention there for trophies and (UEFA) Champions League.
"If something was to come along, obviously we would sit down and look at if it's beneficial. And if it's in a better league, a better team, then I feel as if I would back myself and be confident in my ability to go there and do well," he added.
Ryan had a trial with Tottenham in 2012 but wasn't signed, with Andre Villas-Boas choosing to bring Hugo Lloris to White Hart Lane instead.
With Liverpool now reportedly interested, Ryan could finally get his move to England - especially if he continues to impress at this month's Asia Cup.