The midfielder made 39 appearances in all competitions during a loan spell at the Reebok Stadium last season after finding his first-team opportunities at Anfield limited.
|2/1||Liverpool are 2/1 with BetVictor to finish in the Premier League top four
"Jay Spearing is the kind of player I love," he said at a fans' forum event on Monday.
"At the moment, the asking price is too high but we're still trying to do a deal."
Freedman is keen to bolster his ranks ahead of the new Championship season after just missing out on the play-offs with a seventh-place finish last term.
He has already signed the likes of Jermaine Beckford and Alex Baptiste - from Leicester City and Blackpool, respectively - during the transfer window.