Brendan Rodgers has been pursuing the Croatia international all summer and though Southampton - who have already sold Adam Lallana and Rickie Lambert to Liverpool - were reluctant to do business there has been resolution; the transfer will take Liverpool's summer spending past £80m.
And the Anfield club are set to further boost their ranks - by concluding the £8.5m signing of striker Loic Remy over the weekend.
Liverpool have refused to comment about where they stand on Lovren but it is expected he will complete a medical on Saturday, which will most likely be staged on Merseyside.
He is unlikely to join up with his new team-mates on their tour of the United States.
Lovren's fee will outstrip the £18million paid for Mamadou Sakho (2013) and Glen Johnson (2009) but, more than anything, it will give Rodgers the commanding central defender he has been looking for since Liverpool conceded 51 goals in the Barclays Premier League last season.
The defender played all three matches for Croatia during the World Cup group stages.
He made 32 appearances for Southampton last season, scoring three goals.
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