Sky Sports sources understand Liverpool have agreed a fee with Celta Vigo to sign highly-rated striker Iago Aspas.
The 25-year-old has scored 60 goals in 130 appearances for Celta and was strongly linked with a move to the Premier League in January.
Reading showed an interest, but were put off by Aspas' price, while Chelsea, Tottenham Hotspur and Swansea City had also been mooted as admirers.
However, it is now understood that Liverpool are poised to win the chase for Aspas, who has a €10million (£8.6m) release clause in his contract.
If Liverpool can tie up a deal for the forward, he will become the second signing for Brendan Rodgers since the end of the Premier League season.
On Tuesday, the Reds confirmed that Manchester City defender Kolo Toure had agreed to move to Anfield on a free transfer in the summer.
Aspas' immediate priority, though, is on Celta's relegation battle, with the club inside the relegation zone with just one game to play.
Celta are a point adrift of fourth-bottom Deportivo La Coruna and face Espanyol at home in the final game of the season in La Liga on Saturday.