The Reds have been interested in signing the Ipswich striker for a while, with Damien Comolli watching him on numerous occasions last season.
Although Liverpool are favourites to sign Wickham, it is Sunderland who have made the first approach with an £8m bid. The Reds are expected to match that, although Ipswich are said to be holding out for £10m.
Wickham, who is a Liverpool fan, made his Ipswich debut at 16 in 2009 and has since scored 15 goals in 37 starts and 35 subsitute appearances in the Championship.
"We don't want to sell Connor Wickham, but if he wants to leave and the right offer comes in then we’ll have to consider it," said Ipwich boss Paul Jewell.