Lovren went down with a hamstring problem in the opening minutes at Molineux which gave Hoever an opportunity to make his debut at the age of 16 years, 11 months and 20 days.
The only players to have appeared earlier for the Reds are Jack Robinson and Jerome Sinclair, who is the youngest Liverpool player in history at 16 years and six days, and Hoever surpassed Ben Woodburn's record as the club's youngest FA Cup player.
Hoever was signed in September 2018 from Ajax's youth academy where he played for the Under-17 side.
Capable of playing at either centre-back or right-back, Hoever is also a Netherlands U-17 international and is highly rated by Jurgen Klopp.
The Liverpool boss had Virgil van Dijk available to him on Monday but decided to rest the talismanic defender and shuffle his pack after losing 2-1 to Manchester CIty in a crunch Premier League match on Thursday.
Fringe players Simon Mignolet, Daniel Sturridge, Divock Origi and Naby Keita were all handed starts at Molineux while youngsters Rafael Camacho and Curtis Jones lined-up in the side as the Reds aimed to bounce back from their disappointment at the Etihad.
Klopp seems to have prioritised other competitions by rotating his team, making nine changes from the team that narrowly lost to City.
As well as a tight race for the league title, which Liverpool currently lead by four points, the Reds have drawn Bayern Munich in the Champions League last 16 - a tournament in which they finished runner-up last year after losing to Real Madrid in a dramatic final.