Liverpool have agreed to sign Alex Oxlade-Chamberlain from Arsenal for about £40 million on a five-year contract worth £120,000 a week.
The England midfielder, who is in the final year of his contract with Arsenal had been offered a deal worth up to £180,000 a week to stay at Arsenal but rejected the bid.
His primary reason for wanting to leave Arsenal is to play in central midfield but the 24-year old rejected a move to Chelsea, which is believed to be because the Blues planned to use him at wing-back, BBC Sport reports.
He has made 198 appearances for Arsenal since joining them from Southampton in August 2011, scoring 20 goals.
Oxlade-Chamberlain has started every game for the Gunners so far this season, including Sunday's 4-0 defeat at Liverpool.
According to BBC Sport, the fee is the highest Liverpool have yet paid for a player - although it will be surpassed by the £48m the Reds have agreed to pay for RB Leipzig's Naby Keita next summer.