The 24-year-old caught the eye when he starred for Ukraine against England during the World Cup qualifying process last year.
Reports earlier this week claimed that Liverpool owners FSG had sanctioned a move for Konoplyanka after missing out on Mohamed Salah to Chelsea.
Dnipro are said to have slapped a £16 million price tag on their star player's head and although Liverpool are yet to offer that figure the Anfield based club were said to be confident of getting their man.
Indeed his father Oleg, seemed to confirm that talks had started between Liverpool and Dnipro.
"I do not want to say specifically but the information about a transfer to the English club is true," he told Tribuna.
"He can change club later this week. We do not consider offers from Ukraine."
However Liverpool could face being gazumped by Tottenham in the transfer market once more.
According to the Telegraph, Liverpool chief Ian Ayre had flown to Ukraine to complete the deal, but Tottenham have enquired about how far along the deal is in the hope of spiriting him away from the Reds with less than 48 hours of the window remaining.
Ayre is hoping to return to on Thursday with an agreement in place in the hope of boosting Liverpool's top four hopes having endured a frustrating window to date.
There is a lingering resentment between Tottenham and Liverpool fans after Spurs swooped to steal both Gylfi Sigurdsson and Clint Dempsey away from Merseyside in 2012.
Spurs also hijacked Liverpool's deal for Willian, although he eventually opted to join Chelsea.