Ilori has returned from Villa following Liverpool’s centre-back crisis, with Martin Skrtel, Mamadou Sakho and Dejan Lovren all injured.
The London-born Portuguese hasn’t made an appearance for Villa this season, partially due to niggling injuries, but will train with the Reds on Thursday and could make his competitive debut for the club on Friday night against Exeter City in the FA Cup.
Ilori was due to spend the whole season at Villa, who paid a £1 million loan fee for him, but the bottom of the table club agreed to terminate the deal early. They did have an option to have made the move permanent at the end of the season.
Ojo has seen his Wolves spell cut short after falling out of favour at the Championship club in recent weeks.
The 18-year-old made 19 appearances in all competitions for Midlands club, scoring three and assisting four goals.
Ojo is also expected to be in the squad for Friday, as is another academy winger who has just returned from loan, Ryan Kent.
Despite bringing back Ilori, Jurgen Klopp still wishes to bring in an experienced centre-back on loan this month, with Dortmund’s Neven Subotic the top target.
After having 19 players out on loan at the start of the season, Liverpool now have just 12 players officially loaned out, with two – Lloyd Jones and Kevin Stewart – back at LFC while recovering from injury.