The report claims that both Newcastle United and West Ham United are expected to try and borrow Ings for the rest of the campaign.
However, it adds the pair are not alone in their interest in the 25-year-old, whose potential availability has also alerted Stoke and Crystal Palace, with West Bromwich Albion and Brighton & Hove Albion mentioned as possible suitors themselves.
Ings last started a league game for Liverpool in October 2015, and has suffered two serious injuries since then.
With Roberto Firmino, Daniel Sturridge and Dominic Solanke for competition at Anfield, a temporary move could be Ings' best bet in his quest to reach full fitness.
The once-capped England international - awarded during the national team reign of Crystal Palace boss Roy Hodgson - has been in excellent form for Liverpool's Under-23s, scoring six goals in two games against Bristol City and Stoke in recent weeks.
However, the Guardian reports that Palace would have to terminate one of their two existing Premier League loan deals (Timothy Fosu-Mensah of Manchester United and Chelsea's Ruben Loftus-Cheek) to facilitate Ings' temporary arrival.