The 19-year-old Liverpool winger had a good game against AC Milan in Santa Clara, assisting in the second goal.
Ojo has had previous loan spells with Wigan and Wolves, but the manager is taking his time before making any decision.
“Sheyi is a wonderful player that's for sure and his future is 100% at Liverpool. We don't have to make decisions so early," he said after the game.
“We have time and we have to use the time. We have already had some injuries. We need to make the boys as fit as possible.
“Ojo has only been with us for five days after coming from the tournament with England Under-19s.
"We will see."