The Nigerian winger has been allowed to leave Stamford Bridge on a season-long loan having fallen down the pecking order following the arrivals of Andre Schurrle and Willian, as well as the return of Kevin de Bruyne from a loan spell with Werder Bremen.
According to the Guardian, Liverpool will complete the move before the window snaps shut on Monday, but there is no provision to make the deal permanent at the end of the loan agreement.
Moses arrived at Chelsea from Wigan last summer in a deal worth £9 million. The 23-year-old made 23 Premier League appearances for the Blues last term, although only 12 of those were starts.
The former Crystal Palace forward will become Liverpool’s 6th new signing of the summer, with at least two more to follow before Monday evening.
The Anfield-based club are in talks to sign defensive duo Tiago Ilori of Sporting Lisbon and PSG defender Mamadou Sakho, and are expected to complete both deals shortly.
Chelsea meanwhile have completed deals for Marco van Ginkel as well as Samuel Eto’ from Anzhi Makhachkala.
Liverpool take on rivals Manchester United at Anfield later today.