Luis Diaz is set to join Bayern Munich after the German champions agreed a deal worth 75m euro (£65.5m) including add-ons with Liverpool.
Liverpool rejected an initial bid of £58.6m from Bayern for the Colombia forward earlier this month.
Diaz, 28, was left out of Liverpool's squad for Saturday's 4-2 pre-season friendly defeat by AC Milan in Hong Kong because of speculation surrounding his future.
He has been given permission by Liverpool to fly to Europe from Asia to complete a medical in the coming days.
Liverpool have signed forwards Florian Wirtz and Hugo Ekitike already this summer and are interested in Newcastle United's Alexander Isak.
