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Ekitike will reportedly sign a six-year deal at Anfield, keeping him there until the summer of 2031.
The young Frenchman has enjoyed a productive spell in Germany, scoring 22 goals in all competitions last season.
He will be tasked with leading the line for Liverpool next season as they go in search of back-to-back Premier League titles.
It will be important for Ekitike to hit the ground running and prove that he can do the business in England's top flight.
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He is the latest in a long line of strikers to have been sold by Frankfurt for a huge amount of money.
He returned to Frankfurt on loan before joining Fiorentina and AC Milan, but now finds himself without a club.
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Ekitike is the latest striker to be sold by Frankfurt for a huge transfer fee (Image: GETTY)
Haller has also found things difficult since leaving Frankfurt and signing for West Ham United in 2017.
However, the streak must end at some point and the 23-year-old will be hoping that he is the man to do it.
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Regarded as a future star of the French national team, there is plenty of pressure for Ekitike to succeed and he has already drawn comparisons with the likes of Neymar and Kylian Mbappe.
Wesley Sneijder was left impressed with the forward's display against Ajax in last season's Europa League, a game he was covering as a pundit.
After the final whistle, the Dutchman said: "I might say something really crazy, but I’ll say it anyway...
There’s really a lot of potential in this boy."
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