The 28-year-old has flown to Italy from the Reds' pre-season tour of the United States to complete his move.
Liverpool are likely to step up their attempts to sign Swansea's Joe Allen if the deal proceeds as expected.
Aquilani has failed to settle at Anfield since signing in 2009 for £20million from Roma and has been on loan for the last two seasons.
The Italian’s lucrative contract equates to around £6.5 million a year, an expense which has only been reduced in recent years thanks to loan deals.
To put it into perspective, the £125,000 a week he is currently costing the Anfield club double what Anfield stalwart Jamie Carragher earns.
His stints at AC Milan last term and Juventus in the 2010-11 season mean he did not play for former Reds' managers Kenny Dalglish and only made two appearances for Roy Hodgson.
And despite having two years left on his contract and completing pre-season under new boss Brendan Rodgers, it appears that his time at Liverpool is coming to a conclusion.
Rafael Benitez brought Aquilani to Anfield as a replacement for Xabi Alonso, but he struggled with injury and made 26 appearances in his first season.
Source: BBC Sport
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