Portuguese newspaper A Bola reports that Valencia are keen to take the 20-year-old on loan in January.
Ilori has failed to become a regular at Anfield following his £7million summer move from Portuguese side Sporting Lisbon.
The youngster is yet to feature for Liverpool this season and Valencia are in need of defensive reinforcements in January.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
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