The report states that both clubs have watched the 25-year-old several times.
Hwang signed a season-long loan contract with Wolverhampton Wanderers back in the summer.
Wolves are apparently keen to sign him on a permanent basis come January amid interest from Liverpool and Manchester City.
ANFIELD WATCH VERDICT
We would not be against Liverpool making a move for Hwang. The forward has scored four goals in eight Premier League appearances for Wolves this season.
Hwang is also averaging a WhoScored player rating of 6.80 across the 2021-22 top-flight campaign.
The aforementioned figures highlight that Hwang has the potential to be a decent Premier League forward.
The South Korea international still has room for improvement. Hwang is only 25 years of age after all.