Instead, Rafael Benitez wants to take the 20-year-old on loan.
That is according to the Newcastle Chronicle who report a loan bid is already on the table.
Ojo joined Liverpool from MK Dons in 2011 and has enjoyed relative success in the limited first team appearances he has made so far.
Jurgen Klopp has made no secret that he is a big fan of Ojo and was impressed with the youngster's performance for Liverpool in the FA Cup replay against Plymouth back in January.
Newcastle have tabled a loan bid for Sheyi Ojo
Rafael Benitez has admitted his frustration at the "crazy" transfer window
But the arrival of Mohamed Salah has pushed Ojo further down the pecking order at Liverpool and a loan deal could benefit the England under-20 star's development.
Newcastle have already added one winger to their squad this summer with the acquisition of Christian Atsu on a permanent basis from Chelsea.
The Magpies have also been linked with a move for Jacob Murphy and a move for Ojo will not affect their interest in the Norwich star.
Newcastle have already offered £10m with a number of instalments depending on various milestones but Norwich are holding out for more.
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Benitez has admitted his frustration at the 'crazy' transfer market this summer with the top clubs spending big money.
But the Newcastle boss insists the club are working hard behind the scenes to add more players to their squad.
"The top sides have a lot of money and the others are spending too," he said.
Newcastle have also submitted a £10m bid plus add-ons for Jacob Murphy
"It's not easy for a lot of teams because the market is a little bit crazy. We have to try to do our best.
"We know where we are – that is not ideal because everybody wants to see a lot of players signing already – but we have to keep working and see what we can do."