The Real Madrid midfielder is due to undergo a medical at the club's Melwood training ground on Friday after manager Brendan Rodgers revealed the paperwork has been finalised
The Turkey international is expected to undergo a medical at the club's Melwood training ground on Friday, after terms were agreed over a season-long switch.
"We hope that will be complete. I believe from the club that everything has been organised and sorted in terms of paperwork. So we're hoping in the next 24 hours it can be done," Rodgers told reporters.
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However, it appears a last-minute change of heart from Gunners boss Arsene Wenger regarding a permanent deal at a later date has swung negotiations in the Merseyside outfit's favour.
And Rodgers praised his latest acquisition, adding: "He's a great technician. He was the player of the season in Germany and was the captain of Borussia Dortmund.
"He was fantastic at a very young age and got a move to Real Madrid and obviously through injury it hasn't quite worked out for him.
"He's a wonderful player technically and tactically, he understands the game and we hope that his extra bit of quality coming in will really help the group."