The 21-year-old is back in the West Midlands following a season-long loan spell with Cardiff City last term, where he recorded five goals and one assist in 39 games.
While Philogene did not set the world alight in the Championship, the winger has been offered the chance to prove himself under Villa head coach Unai Emery during pre-season.
Philogene has found the back of the net once in Villa's pre-season friendlies - scoring the Lions' first goal in a 2-0 Premier League Summer Series win over Fulham - but he is facing stiff competition for regular starts.
Villa splashed the cash to sign Moussa Diaby in a £51.9m deal from Bayer Leverkusen this summer, while Philippe Coutinho, Leon Bailey, Emiliano Buendia and Bertrand Traore represent further options out wide.
Since coming through their academy system, Philogene has only played five senior games for Aston Villa - setting up two goals - but according to Anfield Watch, Liverpool have taken a liking to him.
Both Jurgen Klopp and the Reds' recruitment team are said to be admirers of the youngster, whose representatives have been in dialogue with the Merseyside giants over a possible summer move.
However, the report adds that Newcastle United are also pursuing a deal for Philogene, and the Magpies have also spoken with the winger's camp this summer.
Furthermore, the Magpies have the advantage of Champions League football in negotiations, while Liverpool are already well-stocked up front with Mohamed Salah, Darwin Nunez, Cody Gakpo, Luis Diaz, Diogo Jota and Ben Doak.
Nevertheless, Liverpool boss Klopp is said to be leading a recruitment drive for young talent, and Philogene's versatility supposedly makes him a highly attractive option for the German.
Philogene is comfortable as a left-winger and right-winger, and the London-born attacker has four caps to his name for the England Under-20 team.
While Liverpool are keeping tabs on the 21-year-old's future, he is not expected to become a priority target as the Reds focus on signing a new number six to replace Fabinho.
The Brazilian completed a £40m move to Al-Ittihad at the end of July, joining Jordan Henderson, Naby Keita, James Milner, Leighton Clarkson and Alex Oxlade-Chamberlain in the mass exodus of midfielders from Anfield.
New arrivals Dominik Szoboszlai and Alexis Mac Allister have immediately become regular starters for the Reds in pre-season, and a deal to sign Southampton's Romeo Lavia as a replacement for Fabinho is not out of the question.
Liverpool play their final pre-season friendly against SV Darmstadt 98 at Deepdale on Monday before travelling to Chelsea in their opening Premier League fixture on August 13.