Ojo made just two senior outings for the Reds last season, struggling with injuries throughout, with his appearances for the U23s also limited.
The 20-year-old did produce some strong form for the club’s academy side towards the end of the campaign, however, hinting at a return to prominence next season.
The Magpies’ squad requires strengthening following their promotion to the Premier League, and Ojo could flesh out Benitez’s attacking ranks while gaining useful experience at senior level.
Joining Sean Dyche’s Burnley side may offer Ojo more chance of regular first-team football, however, with the Englishman’s squad needing an injection of quality after finishing 16th.
Dyche typically utilised George Boyd and Scott Arfield on the flanks last term, preferring to adopt a more conservative approach.
But with the Clarets struggling away from home throughout 2016/17, he may need to field a more adventurous setup, in which case Ojo would be the perfect opposite number to Robbie Brady.
Whether Klopp should part ways with Ojo this summer is questionable, though, given the added demands placed on his squad next season.
Mohamed Salah will arrive shortly, in a deal worth up to £39 million, but Klopp will still need cover for his two first-choice wide options.
Ojo, who shone when called upon by the German in 2015/16, could provide that, particularly having been given a boost in confidence with his performances at the U20 World Cup with England.