Liverpool are trying to sign Colombia winger Luis Diaz from Porto in the current transfer window.
The deal, if completed, is expected to be worth €45m (£37m) plus a maximum of €15m in potential bonuses.
Liverpool were planning to wait until the summer but changed their stance as it became clear that Diaz could move elsewhere if they did not act.
The 25-year-old had been linked with a move to Tottenham, who reportedly had a bid of around £38m rejected.
Diaz was Liverpool boss Jurgen Klopp’s first choice for the summer when the asking price would have been €60 million (£49.9m).
However, with Liverpool moving late because of the prospect of missing out on Diaz altogether, the proposed move is far from straightforward. The forward is currently with his national team for World Cup qualifying matches; Colombia play Peru on Friday before an away game against Argentina on Tuesday, 1 February.
Liverpool will send a delegation to Argentina to conduct a medical as they try to get the move completed before the January transfer window closes at 23:00 GMT on 31 January.
Diaz has played against Liverpool twice in the Champions League this season, with Porto losing 5-1 and 2-0 in the group stages of the competition.
Porto failed to progress into the knockout stages of the competition after finishing behind Liverpool and Atletico Madrid in their group. However, they are top of the Portuguese top division, with Diaz having scored 14 goals and registered five assists in 18 league appearances.
If the deal is completed this window, it will be seen as a big coup for Julian Ward, who will take over as Liverpool sporting director when Michael Edwards leaves in the summer.
Ward had led on the move for Diaz, while Edwards has played an important role in support.
