The left back will become Brendan Rodgers' eighth summer signing after the Anfield outfit agreed to a deal with Sevilla ahead of the UEFA Super Cup.
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 pounds.
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."
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Moreno traveled with the Sevilla squad to Cardiff to face Champions League winner Real Madrid in the UEFA Super Cup on Tuesday but was ommitted from the matchday squad late after the two clubs reached an agreement.
Sevilla president Jose Castro acknowledged continued discussions with Liverpool on Monday, and Moreno will now become Liverpool's eighth summer signing.
Moreno's arrival would push Liverpool's summer spending past the 100 million pound mark following the sale of Luis Suarez to Barcelona for 70 million pounds.
Southamption's 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.