The newly crowned Premier League champions have agreed a fee of £30 million with Bayer Leverkusen to sign the right-back.
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Per Fabrizio Romano, the 24-year-old is now on the verge of putting pen to paper on a deal that would see him stay at Anfield until 2030.
Liverpool have acted quickly in securing Frimpong with Trent Alexander-Arnold widely expected to join Real Madrid as a free agent this summer.
Additionally, Ben Jacobs has reported that Frimpong completed the first part of his medical with the Merseyside club on Sunday, with the remainder scheduled for Monday.