Press Association Sport understands that there has been contact between the two clubs and that a fee for the £25million-rated Dutchman has been discussed.
However, sources on Tyneside have indicated that the terms proposed to date do not meet the club's requirements and as such, no deal is in place.
The Magpies do not want to sell Wijnaldum, who joined them in a £14.5million switch from PSV Eindhoven last summer, and have no need to do so despite suffering relegation from the Premier League.
But there is also an acceptance that every player has his price, and that a disgruntled player could be more trouble than he is worth and should Liverpool come up with the right money on the right terms, they may well do business.
Wijnaldum, whose situation is also being monitored by Tottenham, was Newcastle's leading scorer last season with 11 goals, four of them in a 6-2 league demolition of Norwich, although his form was patchy and he was unable to help the club retain its top-flight status following the appointment of Rafael Benitez as manager.
The Spaniard is hopeful of keeping many of his big names to lead the fight for a swift return, but is also aware that sacrifices may have to be made to fund his rebuilding work.
Andros Townsend, who had a £13million release clause in his contract, has already left for Crystal Palace, while Wijnaldum and France international Moussa Sissoko, who could cost up to £35million, have been linked with a series of potential buyers in recent weeks.
However, neither has yet attracted an offer which matches the Magpies' criteria and will not be allowed to leave unless that changes.