The 21-year-old forward has been one of the Championship’s finest performers this season, notching 20 goals to help the Clarets mount a promotion charge.
His razor-sharp form has alerted a number of top tier sides, with Liverpool thought to be among the chasing pack.
Burnley want to keep their man, but it is thought that an offer in the region of £8m could be enough to prize him away from Turf Moor.
Reds chief Brendan Rodgers is said to be looking at securing a fresh face to challenge Luis Suarez and Daniel Sturridge for an attacking berth, and sees Ings a top young player capable of doing so.
The Northern Irishman is committed to putting his faith in younger players, which could help the second tier goal-getter secure his chance at the highest level.
Newcastle, Aston Villa and Stoke are also keen on Ings, and could mount serious offers in the coming weeks.
The prolific hit-man started his career with South Coast side Bournemouth before following Eddie Howe from the Cherries to Burnley in 2011.