The 26-year-old winger is set to undergo a medical ahead of his £13.5 million transfer from Stoke City to Liverpool.
The Merseyside outfit have a deal in place after triggering Shaqiri's release clause following the Potters relegation to the Championship last season.
The deal could see Shaqiri as Klopp's third summer signing after the additions of Fabhino and Naby Keita.
Shaqiri wants to stay in the Premier League
Despite a number of offers from European clubs, the Swiss international has made it clear he wants to stay in England's top-flight opening the pathway for Liverpool to come in for a move.
Shaqiri was eliminated from the last-16 stage of the World Cup after Switzerland were beaten 1-0 by Sweden.
The addition of Shaqiri will bring a much-needed strength in depth to Liverpool's squad although the Stoke City player will not be expected to be a regular starter should he complete his move.
At £13.5 million, the deal could prove to be a real bargain in the modern market and with another winger added to the ranks, it could prove vital cover for the irreplaceable Mohamed Salah and Sadio Mane.
Two Champions League rivals could finally join paths
Reds manager Jurgen Klopp will undoubtedly remember Shaqiri following his time in the Bundesliga with Bayern Munich.
The winger won two league and German cup titles with Die Bayern and was also a part of the squad that beat Klopp's Borussia Dortmund side in the 2013 Champions League final.
Since his move to Stoke in 2015, Shaqiri has fired 15 league goals for the Potters in 84 appearances.
His time in Staffordshire has seen a promising and talented player show small glimpses of the quality that saw him at the very top of European football only a few seasons ago.
However, Shaqiri has failed to deliver any form of consistent quality and wasn't able to save Stoke from relegation last season.
Off-field antics have led other clubs to stay away from a move for Shaqiri but at just £13.5 million and with undeniable quality, it's hard to shy away from a player who has the Premier League experience as well as the technical ability to flourish at Liverpool.
It is also arguably the forwards last chance at a big club and Shaqiri will be desperate to live up to his name and under the right manager could finally be a consistent performer in the world's biggest league.