Wickham has scored 15 goals since opening his Ipswich account in August 2009, having made his debut as a 16-year-old at the back end of the previous season.
The 6' 3" attacker is believed to be favouring a move to Anfield, where England U21 colleague Jordan Henderson moved this summer from Sunderland for £20m.
However, until the Reds match Sunderland's bid, Ipswich will let discussions take place with the Wearsiders.
The news will come as a double blow for Liverpool, who had hoped Sunderland would sign their striker David N'Gog, who has been deemed surplus to requirements and was originally mooted as a makeweight in the Henderson.
- Related links