Talks over the Sweden international were revived ahead of the transfer deadline, following Newcastle’s signing of German forward Nick Woltemade.
The north-east club had indicated they were open to negotiations around £130 million, paving the way for Liverpool to submit a final offer.
The deal, reported by Fabrizio Romano, allows Isak to undergo a medical with the Premier League champions on Monday, with a British record transfer expected to be confirmed.
The 25-year-old has already agreed personal terms on a six-year contract, having made clear his desire to join Arne Slot’s side.
Liverpool’s pursuit of Isak has dominated the summer transfer window. A month after their initial £110 million bid was rejected, they have finally secured their top forward target, ending weeks of frustration that saw Isak publicly accuse Newcastle of breaking promises on social media.