Yossi Benayoun will confirm his exit from Liverpool within the next 24 hours and put pen to paper on a £5.5 million deal to join Chelsea, according to a report from The Sun.
It is understood one of new Reds boss Roy Hodgson's first acts in his new role was to rubber stamp the winger's departure.
The Israeli is expected to commit to a four-year contract at Stamford Bridge.
Meanwhile, The Independent reports that Benayoun will earn around £55,000 a week with the Blues.
It also claims that Hodgson will be handed around £15m by the Anfield board to bring in reinforcements, with Javier Mascherano also expected to leave the Reds and uncertainty still surrounding the futures of Steven Gerrard and Fernando Torres.