According to the guardian, the deal should be finalised over the weekend subject to a medical which would bring the 27-year-old to Anfield.
The Portuguese international, who impressed during the 2010 World Cup, is said to have agreed personal teams with Liverpool and is set to take over Mascherano's position after the Argentine completed a reported £20 million move to Barcelona.
Meireles has been heavily linked with a possible move to Anfield rivals Manchester United, however the Old Trafford owners have a policy stating a player aged 26 or over should not be bought if they have a substantial price tag.
Porto have been looking to sell Meireles as the midfielder has one year left on his contract and the Portuguese side would rather him not become a free agent.
-
Madrid top money league for seventh straight year
The Spanish giants continue to dominate the Football Money League as they have expanded their enormous lead over the top clubs from England, Germany and Italy
-
Can Suarez repeat Cantona's grand comeback?
The divisive Uruguayan can look to history when he starts against United on Saturday for the first time since receiving an eight-match ban for racially abusing Patrice Evra
-
Capello remains one of the greats of the game
After tasting success wherever he had gone previously, the coach will look upon his time at Wembley as an incomplete job rather than a complete failure
-
The importance of Champions League qualification
The Ruhr side's remarkable run in Europe's elite tournament saw their revenue unexpectedly soar last season, but some teams are structured to depend on such results to survive
-
Key battles: Manchester United v Liverpool
The former Reds defender believes that the Uruguayan must put controversy to the back of his mind when his team face the champions
