The midfielder will join the Reds once the transfer is formalised, with Brendan Rodgers pressing ahead with his summer recruitment drive following the signing of Rickie Lambert
The 20-year-old midfielder's move to Anfield is now subject to the final documentation being completed.
Liverpool have long held an interest in the former Bayern Munich star and held negotiations with Bayer throughout May, making a breakthrough in talks towards the end of the month.
The fee for Can - who made 29 Bundesliga appearances last season - is believed to be £10m (€12m), the value of his buyout clause, and Leverkusen are likely to use the money to launch a bid for Hamburg midfielder Hakan Calhanoglu.
Once the deal is official, Can will become manager Brendan Rodgers' second signing of the summer transfer window following the acquisition of England striker Rickie Lambert, while the club retain an interest in Sevilla's Alberto Moreno and Southampton's Adam Lallana.