The 19-year-old will ink a five-year contract, with an annual salary of €1.2 million, and is eyeing the No.8 shirt left vacant following former captain Steven Gerrard's departure to LA Galaxy.
Grujic will be loaned straight back to the SuperLiga leaders, with the Reds receiving a fee of €1 million for the temporary arrangement. Their initial outlay for the midfielder is thus understood to be €6 million.
Terzic has labelled this as record business for Red Star.
"We will in the next three days sign a contract with Liverpool,” he said on national Serbian TV.
"It was a record transfer. Marko Grujic will sign a five-year contract with Liverpool where he will have a €1,200,000 annual net income, which means that he will have six million from Liverpool. He'll get eight on the back."
READ MORE | Is Grujic the new Matic?
Inter were thought to be in pole position to land the talented youngster, but Liverpool moved speedily to convince him Anfield should be his next destination.
Jurgen Klopp spoke to Grujic as well as his agent, emphasising the club’s dedication to developing potential. The Merseysiders were also able to agree a payment structure and 10 per cent sell-on clause which pleased Red Star.
Goal detailed how Liverpool ousted Inter in negotiations last week to make the Under-20 World Cup winner the first signing of Klopp’s tenure at the club.