Javier Manquillo is set to undergo a medical at Liverpool on Monday ahead of his proposed move from Atletico Madrid to Anfield, reports suggest.
According to the Liverpool Echo, 20-year-old Manquillo - a player who has also been strongly linked with Arsenal this summer - will fly to the United Kingdom for tests at the start of the week and, providing there are no further complications, will join the Reds on a two-year loan that will include the option to make the deal permanent for a fee of approximately £5 million.
The same source further reports that talks over another deal for Sevilla's Alberto Moreno are progressing, although it remains to be seen if an acceptable financial agreement can be struck between the two clubs at the second time of asking.
Although the big-money sale of talismanic striker Luis Suarez to Catalan giants Barcelona has left Brendan Rodgers with a considerable void to fill in attack, defensive improvements were always likely to be high on his agenda during the current transfer window.
Liverpool have already moved to bolster their options at centre-back with July's addition of Croatian international Dejan Lovren and Manquillo will certainly improve Rodgers' somewhat limited options at full-back.
While Manquillo - who figured on just three occasions in domestic competition for Atletico during their hugely successful 2013/14 campaign - is naturally more comfortable on the right-hand side of defence, his arrival will presumably allow the impressive Jon Flanagan to fill in more frequently at left-back if Jose Enrique continues to struggle in the aftermath of knee surgery.
Arsenal are presumably disappointed to have missed out on Manquillo.
Although France international Mathieu Debuchy is likely to become the club's long-term replacement for Bacary Sagna following his transfer from Newcastle, Carl Jenkinson's recent loan move to West Ham will leave Arsene Wenger somewhat short of options - although new signing Calum Chambers is more than comfortable at right-back and sufficiently demonstrated his maturity at this weekend's Emirates Cup competition.