Liverpool reached an agreement with Feyenoord on Friday for Arne Slot to succeed Jurgen Klopp as manager, British media reported.
The Press Association said that a compensation package for the 45-year-old, who had two years left on his contract, has now been agreed.
The BBC claimed that the deal is worth up to £9.4 million (10.9 million euros).
Slot had said Thursday that he was "confident" of landing the Anfield job.
"I would like to go to Liverpool. Now I'm waiting to see whether the clubs reach an agreement. I'm very confident in that," he told reporters.
Slot moved to Feyenoord in 2021 after impressing in his first managerial role at AZ Alkmaar.
He led the Dutch giants to the inaugural Europa Conference League final at the end of his first season, in which they narrowly lost 1-0 to Jose Mourinho's Roma.
Slot then delivered just a second league title in 24 years to De Kuip last season before penning a new three-year deal.
Klopp will step down at the end of this season after a nine-year reign which brought the Champions League title in 2019 and Premier League trophy a year later.
"I like the way his team plays football. If he is the one, I like that he wants it," Klopp told reporters on Friday when asked to highlight Slot's qualities.
Meanwhile, West Ham effectively snuffed out Liverpool's slim Premier League title hopes on Saturday, coming back to draw 2-2 at the London Stadium.
The single point leaves Liverpool third in the table on 75 points, one behind defending champions Manchester City, who have two games in hand.
Leaders Arsenal are two points clear of Liverpool and have a game in hand.