The Reds backline has come under fire in the ongoing campaign and missed out on Crystal Palace star Marc Guehi in the summer.
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According to The Mirror, the Anfield giants are taking measures to strengthen their backline however, they must battle Chelsea said to have dropped out of the running in recent days.
An initial fee of £35m has been agreed, with the Belgian giants set to profit further if range of add-ons are fulfilled.
21-year-old Ordonez joined Club Brugge from Independiente del Valle back in 2022. He has since made over 100 appearances for them and winning a league title and two cups along the way.