Brad Smith looks likely to seal a £6 million move to Bournemouth after Liverpool accepted the Cherries' opening offer for the left-back.
Smith - who made his senior debu way back in December 2013 - had initially been part of Jürgen Klopp's plans as back-up to Alberto Moreno, but the off was too good to turn for a squad player.
The Australian international will now leave their US pre-season tour to fly back to England to enter talks with the Reds' fellow Premier League outfit.
It is expected that Liverpool - who also sold Jordon Ibe to Bournemouth for around £15 million just a few weeks ago - will demand similar sell-on and buy-back clauses are included in the deal.
Smith, who has been at Liverpool since the age of 14, made 10 appearances last term - scoring his first and only goal for the club in the third round of the FA Cup back in January.
But the 22-year-old defender's breakthrough was slightly marred by a red card in a disappointing 3-1 defeat away at Swansea City towards the end of the campaign.
Reds forced to enter market for new Moreno back-up
Smith, who also spent a brief spell on loan at Swindon Town two seasons ago, had actually left Liverpool last summer after failing to agree a new contract.
His party believed looking elsewhere for better terms and more playing time in the first-team was the best thing for Smith.
But because the Reds retained his registration, rather than releasing him, any club that wanted him would have been forced to pay a feee of compensation to seal his signature because he was still under 24.
By mid-November, he was forced to do a U-turn and sign a new long-term contract. He made an ideal start with a memorable 13-minute cameo in the 6-1 win away at Southampton and forced himself into Klopp's thinking as a result.
Though he was largely used as a rotational player from then on, he established himself as Moreno's deputy and as such, the club had rejected a number of loan offers from Championship clubs to take Smith for the season ahead.
However, the Academy graduate looks set to seal a move to the South Coast and Klopp will now look to pursue a replacement in order to ensure competition for first-choice left-back Moreno.
Jon Flanagan - who can play on the left side of defence as comfortably as he can the right - is currently weighing up whether to go out on loan to Burnley for the coming season.
But with Klopp's priority signing Ben Chilwell looking set to sign a new contract at Leicester City after Liverpool refused to meet their valuation of the 19-year-old, it is likely Klopp will have to draw up a list of new targets.
Joe Allen also nearing Liverpool exit
Elsewhere, reports have suggested that midfielder Joe Allen will hold talks with Stoke City over a £13 million move.
The Welshman will speak to his compatriot Mark Hughes, whom the Telegraph say he is excited to work under, and could even complete a move within the next few days.
With just one year left on his contract at Anfield, the 26-year-old is keen to play more regularly and though the Reds had initially demanded £14 million, they accepted Stoke's second offer after the two clubs reached a compromise.
Allen's former club Swansea were earlier in the week reported to be considering matching Stoke's offer, but have yet to do so and could miss out on him as a result.
Stoke, should they complete the deal, would also have to pay further instalments if they finish in the top 10 of the Premier League for a fourth successive season in 2016-17.