The Daily Mirror report that the Reds were keen during the summer, but the 17-year-old opted to stay at Portman Road.
However, with just one league appearance under his belt this season, it is said Liverpool are considering a Â£2m bid.
The 17-year-old was handed his professional debut by Mick McCarthy earlier this year.
And he matched his dad Jasonâ€™s achievement of scoring on his first senior appearance by bagging against Championship rivals Sheffield Wednesday.
His emergence apparently caught the eye of a host of the Premier Leagueâ€™s top clubs, with rumoured interest from Liverpool, Arsenal, Tottenham and West Ham.