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Celtic have a sell-on clause which could be worth about £5m.
Leverkusen signed Frimpong from Celtic in a deal worth up to £11.5m in January 2021.
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Frimpong moved from Manchester City's academy to Celtic for £300,000 in September 2019.
Sky Sports News had previously reported the defender would be happy to move to Anfield if the club decided to sign a right-back to replace Trent Alexander-Arnold this summer.
Alexander-Arnold has announced he will leave the club when his contract expires on June 30.
Conor Bradley, 21, is ending the season as Liverpool's first-choice right-back as they plan for the future without Alexander-Arnold.
Slot: It's hard to strengthen our squad
With the Premier League title wrapped up three weeks ago speculation has already begun about where else Liverpool will look to strengthen their squad in preparation for a renewed challenge from the likes of Manchester City and Arsenal.
Speaking ahead of Monday's game with Brighton, live on Sky Sports, Slot said adding to their ranks would be tricky - and admitted he also has to find a way of keeping happy fringe players who have barely featured this season.
"I've said many times already that we, as a club, are very happy with the players we've got," he said.
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Liverpool head coach Arne Slot discusses who could replace Trent Alexander-Arnold at Liverpool, after being asked about Frimpong.
I think this club has shown so many times in the past that they will make the right decisions.
"And we made the right decision this season as well not to bring in a player at all - except for Federico Chiesa [for £10m] - and that worked out quite well."
Analysis: How Frimpong could replace Alexander-Arnold at Liverpool
Sky Sports' Peter Smith:
"Trent Alexander-Arnold and Jeremie Frimpong are among the top players in their positions in world football - but they're very different players with very different styles.
The heatmaps of Alexander-Arnold and Frimpong show their different roles for Liverpool and Bayer Leverkusen
And Frimpong would provide them the opportunity to play in a different way as they look to defend their Premier League crown next season."
Sky Sports to show 215 live PL games from next season
From next season, Sky Sports' Premier League coverage will increase from 128 matches to at least 215 games exclusively live.
And 80 per cent of all televised Premier League games next season are on Sky Sports.
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