The Jambos boss is keen to strengthen his squad this month, particularly in the forward areas.
He has already recruited Reds defender Danny Wilson on loan and could be set to make another Anfield swoop with a loan move for 20-year-old striker Ngoo.
McGlynn said: "He is one of a number that we have been looking at.
"We have been looking at strikers. It has been our Achilles heel this season, getting the ball in the back of the net.
"So it would be nice if we could freshen things up."
Asked if he could have a new recruit in place in time for Saturday's Scottish Communities League Cup semi-final against Inverness, he said: "You never know."
Strict transfer conditions imposed on the club mean Hearts can only sign players aged 21 and under and they must operate on a 'one in, one out' basis.
McGlynn added: "Within our sanctions, with Ryan McGowan and Peter Enckelman going out, we only have one space that we can fill right now."