Widespread reports indicate that Roy Hodgson will be named as the new manager of Liverpool on Wednesday.
It is claimed that the Reds have agreed a compensation package with Fulham for the 62-year-old's release and it has been speculated that the Craven Cottage club will be paid £2million.
Hodgson is reportedly due on Merseyside to complete the formalities of the deal on Wednesday morning.
The former Inter Milan boss would therefore succeed Rafa Benitez, whose six-year spell at Anfield was ended by mutual consent after a disappointing season and he has since taken over at Giuseppe Meazza.
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 No.1 contender.
The Fulham manager's stock has risen sharply since guiding the Cottagers to the final of the Europa League last season, beating Juventus along the way, while Liverpool lost to eventual champions Atletico Madrid in the semi-finals.
A seventh-placed finish in the 2008/09 Premier League campaign also represented uncharted territory, and Hodgson excelled in the league once again last season as he kept Fulham comfortably in mid-table.
He was named manager of the year by the League Managers Association in 2009/10, but he will face a monumental task in restoring fortunes at a cash-strapped Anfield after Liverpool finished seventh in the Premier League.
Reds co-owners George Gillett and Tom Hicks also want to sell the club to leave transfer funds in short supply for Hodgson, who will need to ensure Steven Gerrard and Fernando Torres stay on Merseyside.
Hodgson started out in management in 1976 with Swedish side Halmstad and also counts Bristol City and Blackburn among his former clubs.
He has also managed at international level with Switzerland, Finland and United Arab Emirates.