Roy Hodgson will be named Liverpool manager on Wednesday, according to the Liverpool Echo.
The newspaper claims the Reds have agreed a compensation package "in the region of £2million" with Fulham for the 62-year-old's release.
Hodgson is reportedly due on Merseyside to complete the formalities of the deal which will see him succeed Rafael Benitez, whose six-year spell at Anfield was ended by mutual consent earlier this month after a disappointing season.
Liverpool have remained tight-lipped regarding developments in the search for Benitez's replacement, leaving numerous names to be linked with the post.
Former Reds boss Kenny Dalglish, now an Academy ambassador at the club, was tasked with assisting managing director Christian Purslow in identifying the right man before emerging as a serious candidate for a second stint at the helm.
Aston Villa boss Martin O'Neill, Marseille coach Didier Deschamps, Galatasaray's Frank Rijkaard and former Real Madrid manager Manuel Pellegrini were among those also talked about, but Hodgson was widely believed to be the number one contender.
The Fulham manager's stock has risen sharply since guiding the unfancied Cottagers to the final of the Europa League last season - beating Juventus along the way.
A seventh-place finish in the 2008/09 Premier League campaign also represented uncharted territory, and Hodgson excelled in the league once again last term as he kept Fulham comfortably in mid-table throughout.
He was named manager of the year by the League Managers Association in 2009/10. Hodgson started out in management in 1976 with Swedish side Halmstad and also counts Bristol City, Inter Milan and Blackburn among his former clubs.
He has also managed at international level with Switzerland, Finland and United Arab Emirates.
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