The 20-year-old is yet to make a first-team appearance for the Reds, but is a regular in the Merseyside club's U21 side.
Brendan Rodgers is ready to let Ngoo leave Anfield on a short-term deal, as the player looks to continue his development with an opportunity for regular football.
Hearts manager John McGlynn has already brought in Danny Wilson on loan from Liverpool and has raided the Premier League giants again to secure Ngoo's signature.
The Scottish Premier League club are currently operating under transfer restrictions that stipulate they can only register U21 players, so a deal for another of Liverpool's up-and-coming Academy products could prove to be good business for the Edinburgh-based outfit.
Hearts are currently struggling in ninth in the SPL, with 26 points from 22 games, sitting precariously three places above the relegation zone.
However, Tynecastle fans can look forward to a Scottish League Cup semi-final clash against Inverness Caledonian Thistle this coming weekend, before a midweek visit of basement boys Dundee next Wednesday.