The 22-year-old can play in midfield or at right-back. He has one year left on his deal at Anfield, having progressed through the Reds’ Academy ranks.
Stephenson has spent the past couple of seasons on loan at Dundee United in the Scottish Premiership. Before that, his first taste of EFL football came on loan at Barrow.
He made 33 appearances last season, chipping in with five goals and five assists as Jim Goodwin’s side finished seventh.
“I’ve only got a year left on my contract at Liverpool, so I think the biggest priority for me is that, in my next step, I find a permanent home,” he said in a recent interview with The Courier.
“I’ve done three years on loan and have developed a lot. So I think the next thing needs to be different.
“That could still be at Liverpool, depending on what they are thinking. It could be back up in Scotland or in England – I honestly don’t know the answer to that question. But I am keen to get something permanent.”
Stephenson has been attracting interest this summer, with Celtic and Rangers among those linked with a potential move.
“When I got back from Barrow, I didn’t really know what the game had for me. What did my football future look like?” he added.
“I was still trying to find clubs. I would speak to clubs myself and try to actively put myself in the shop window! It has flipped a little bit now, where people are coming to us a lot more than what they used to."
Midfielder Kyle Dempsey and right-back Jordi Osei-Tutu were among those confirmed to be departing in the retained list earlier this week.