The South Korean has faced Liverpool nine times in the past - more than any other English club - and scored against the Reds in the Champions League during his time at RB Salzburg.
Hwang permanently joined Wolves in 2022 after a season-long loan with the Old Gold the year before and is currently enjoying his most fruitful campaign with the club.
The 27-year-old has netted ten Premier League goals for Wolves this season, as well as providing three assists, and has flourished under Gary O'Neil.
The 59-cap international will be travelling to the Asian Cup with South Korea at the beginning of January, as will Liverpool midfielder Wataru Endo with Japan.
The Reds are reportedly one of two big Premier League clubs monitoring Hwang, alongside Tottenham, and could make a move for the impressive attacker next summer, according to Football Insider.
They report that Liverpool and Spurs' scouts have been "blown away" by Hwang's performances this season, but any attempts to sign him would have to wait until summer.
Hwang has been used as a centre-forward for Wolves this term, often operating off Brazilian Matheus Cunha as part of a front two or three.
The former RB Leizpig man has frequently exhibited his blistering pace for Wolves, regularly causing defences problems by making runs in behind the backline.
The forward has also shown a composure in his finishing that had been lacking in his first two seasons at Molineux, perhaps summed up best by his second goal against Brentford in a 4-1 win in late December.
Liverpool seem pretty well stocked in the final third at present, but Hwang could prove an astute and useful signing.
However, given Hwang's age profile and the Reds' depth in attacking areas, a deal for the talented South Korean seems unlikely, especially given a transfer would likely cost Liverpool a significant sum.