London-born Ilori signed for the Reds towards the end of the transfer deadline in a £7m deal from Sporting Lisbon, and although eligible for the Three Lions, the centre-back wants to try and break into the Portuguese senior side.
"I think I would stay loyal to Portugal as I've played for them at every age group for them," Ilori told the Liverpool Echo.
"I was eight when I moved to Portugal and my mother is Portuguese. My English family are all from Manchester and my Dad was born in London as well [as myself].
"But I would never close any doors and there are no decisions to make yet. If I have a choice then it is not a bad one to have."
The Football Association have already reportedly asked the 20-year-old to pledge his allegiance to England.