The 24-year-old Holland international has reportedly agreed on personal terms with the Reds, and Liverpool has informed Bayer Leverkusen that they will meet the €35m buyout clause in his contract.
As part of the transfer, €5m will be paid to Frimpong's former club, Celtic, as per a sell-on clause.
Frimpong, a former Manchester City youth team player, is set to join Liverpool as a replacement for departing right-back Trent Alexander-Arnold.
