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Florian Wirtz is set to travel to England for a medical on Friday after Liverpool agreed a club-record deal with Bayer Leverkusen.
A transfer fee of around £100million will reportedly be paid upfront, in addition to a further £16m in potential add-ons.
Liverpool have also been making progress in their pursuit of Milos Kerkez, who is widely expected to leave Bournemouth and complete a switch to Anfield.
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Talks are said to be at an advanced stage and the move could be signed and sealed in the not-too-distant future.
A third player is also said to be on Liverpool's wishlist, but negotiations could be easier said than done with Chelsea also in the frame.
Lyon youngster Malick Fofana has emerged as a target for the Reds after impressing with his displays in France, according to L'Equipe.
The report states that discussions have been taking place with the player's representatives over the last few days.
It is said that Liverpool have already made 'solid arguments' in their efforts to convince Fofana to join them.
In addition to Liverpool, there is also said to be movement from Chelsea with The Athletic claiming that a verbal enquiry has been made.
Talks with the Blues are believed to be ongoing, which suggests Liverpool may need to act quickly to secure Fofana's signature.
Lyon are said to be demanding over £42m to sell the forward, who remains tied down until the summer of 2028.
A handful of other clubs have also expressed an interest in Fofana but Liverpool and Chelsea appear to be the main contenders.
Nottingham Forest have reportedly made an ambitious enquiry but do not have the 'required stature' to pull off a move.
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