Liverpool have agreed a deal with Sevilla for Spain Under-21 left-back Alberto Moreno.
The Reds have been interested in Moreno throughout the summer, but after initially being frustrated by the Spanish club's demands they have agreed on a fee thought to be in the region of £12 million.
A statement on the club's official website read: "Liverpool can confirm they have reached an agreement with Sevilla for the transfer of Spain international full-back Alberto Moreno.
"The Reds will proceed with the formalities of finalising the deal for the 22-year-old over the coming days and will make no further announcement until it is complete."
As reported by Goal, the Merseysiders went back to the negotiating table at the start of August and were confident that they could finally strike a deal.
Moreno travelled with the Sevilla squad to Cardiff to face Champions League winners Real Madrid in the Uefa Super Cup on Tuesday but was ommitted from the matchday squad late on after the two clubs reached an agreement.
Sevilla president Jose Castro admitted to continued discussions with Liverpool on Monday, and the 22-year-old will now become Liverpool's eighth summer signing.
Moreno's arrival would push Liverpool's summer spending past the £100m mark following the £70m sale of Luis Suarez to Barcelona.
Southamption trio Adam Lallana, Dejan Lovren and Rickie Lambert have all moved to Merseyside, while Emre Can joined from Bayer Leverkusen and Lazar Markovic has been recruited from Benfica.
Brendan Rogders has also signed Divock Origi from Lille, but the Belgium striker will return to the Stade Pierre-Mauroy on loan for the 2014-15 campaign, while right-back Javier Manquillo joined on a two-season loan last week.